
The New York Attorney General announced a $90 million settlement with Banc One to resolve litigation over improper trading and exorbitant fees. The total included $10 million in restitution and disgorgement, $40 million in civil penalties and $40 million in a reduction of fees charged to investors over a five-year period. The restitution and penalty portions were negotiated together with the Securities and Exchange Commission; For more info visit https://web.archive.org/web/20101119015907/http://www.ag.ny.gov/media_center/2004/jun/jun29d_04.html