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SECURITIES AND EXCHANGE COMM. v. BEAR

United States District Court, S.D. New York


March 22, 2004.

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- BEAR, STEARNS & CO. INC., Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- JACK BENJAMIN GRUBMAN, Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- J.P. MORGAN SECURITIES INC., Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- LEHMAN BROTHERS INC., Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- U.S. BANCORP PIPER JAFFRAY INC., Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- UBS SECURITIES LLC, f/k/a UBS WARBURG LLC, Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- GOLDMAN, SACHS & CO., Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- CITIGROUP GLOBAL MARKETS INC., f/k/a SALOMON SMITH BARNEY, Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- CREDIT SUISSE FIRST BOSTON LLC, f/k/a CREDIT SUISSE FIRST BOSTON CORPORATION, Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- HENRY McELVEY BLODGET, Defendant; SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -against- MORGAN STANLEY & CO. INCORPORATED, Defendant

The opinion of the court was delivered by: WILLIAM PAULEY, District Judge Page 2

ORDER OF APPOINTMENT

[EDITOR'S NOTE: THIS PAGE CONTAINED PARTY INFORMATION]. Page 3

[EDITOR'S NOTE: THIS PAGE CONTAINED PARTY INFORMATION]. Page 4

  On October 31, 2003, this Court approved and entered the Final Judgments in these related actions resolving the SEC's complaints against ten major investment banks and two individuals concerning equity research analyst practices in the late-1990s.*fn1 Pursuant to the Final Judgments, certain moneys from seven of the investment bank defendants*fn2 were deposited in Investor Education Accounts established at the Federal Reserve Bank of New York. See Implementing Order, dated October 31, 2003. For each of those seven firms contributing investor education funds, this Court entered an Order Regarding Investor Education ("Investor Education Orders") on October 31, 2003. Page 5

  The Investor Education Orders call for the creation of a single Investor Education Entity to fund worthy and cost-efficient programs designed to equip investors with the knowledge and skills necessary to make informed investment decisions. See, e.g., Bear, Stearns & Co., Inc. Investor Education Order § B.2. The Investor Education Orders also require this Court to appoint a Chairman of the Board of Directors, to be recommended by the Commission. See, e.g., Bear, Stearns & Co., Inc. Investor Education Order § C.2.

  This Court reviewed submissions from the Commission concerning its proposed candidate for Chairman, and conducted a personal interview. After careful consideration, this Court appoints the Commission's nominee Charles D. Ellis as Chairman of the Board of Directors of the Investor Education Entity contemplated in the Investor Education Orders.

  The Clerk is directed to file copies of this Order in all of the related actions: (1) SEC v. Bear Stearns and Co. Inc., 03 Civ. 2937 (WHP); (2) SEC v. Jack B. Grubman, 03 Civ. 2938 (WHP); (3) SEC v. J.P. Morgan Securities Inc., 03 Civ. 2939 (WHP); (4) SEC v. Lehman Brothers Inc., 03 Civ. 2940 (WHP); (5) SEC v. Merrill Lynch Pierce Fenner & Smith, Inc., 03 Civ. 2941 (WHP); (6) SEC v. U.S. Bancorp. Piper Jaffray, Inc., 03 Civ. 2942 (WHP); (7) SEC v. UBS Securities LLC, 03 Civ. 2943 (WHP); (8) SEC v. Goldman, Sachs and Co., 03 Civ. 2944 (WHP); (9) SEC v. Page 6 Citigroup Global Markets Inc., 03 Civ. 2945 (WHP); (10) SEC v. Credit Suisse First Boston LLC, 03 Civ. 2946 (WHP); (11) SEC v. Henry M. Blodqet, 03 Civ. 2947 (WHP); and (12) SEC v. Morgan Stanley & Co. Incorporated, 03 Civ. 2948 (WHP).

  SO ORDERED.


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