Washington, D.C., Sept. 2, 2005 – LAWFUEL – The Law News Network – The Securities and Exchange Commission today announced that the Honorable William H. Pauley III, United States District Judge for the Southern District of New York, has approved the Commission’s revised plan to fund investor education initiatives nationwide. Judge Pauley issued an order that enables the nonprofit NASD Investor Education Foundation to distribute the entire $55 million set aside for investor education by federal regulators in settlements with twelve investment banks to resolve analyst conflict of interest charges.
“We are pleased that the Court has approved the transfer of the investor education funds to the NASD Investor Education Foundation to support programs that will help equip investors with the knowledge and skills necessary to make informed investment decisions,” said Commissioner Cynthia A. Glassman, at whose urging the investor education funds were included in the settlements. “We believe that the new plan will result in the efficient, cost-effective, and expeditious use of these funds for this worthy goal.”
A copy of Judge Pauley’s order is at http://www.sec.gov/spotlight/globalsettlement/order090205.pdf