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MSDW Hit With Arbitration Award Over Analysts' Conflicts of Interest
MSDW is the first or one of the first brokerage firms to be found liable for the activities of its research analysts.
The arbitrators found liability because, among other reasons, MSDW "engaged in acts and practices that created conflicts of interest for its research analysts with respect to investment banking activities and considerations."
MSDW commented that the award represented only a portion of the investor's losses and did not comment upon the finding of liability for issuing conflicted research.
Source: Wall Street Journal, June 13, 2003
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