On April 28, 2003, the North American Securities Administrators Association (NASAA), the U.S. Securities and Exchange Commission (SEC), National Association of Securities Dealers (NASD) and the New York Stock Exchange (NYSE) announced the settlement of enforcement actions involving conflicts of interest between the research and investment banking operations of the nation's 10 top investment firms.

A portion of the penalties, disgorgement and payments required under the historic settlement involved investor education. Specifically, seven of the firms agreed to pay a total of $80 million for investor education. Of that amount, $30 million is being paid to state securities regulators for investor education purposes. That amount comprises the "Investor Education Fund" that is overseen by the Investor Protection Trust (IPT).

For the full text of the April 28, 2003 news release from NASAA, the SEC, NASD and NYSE, click here.