
NASD resolved its action against Waddell & Reed, Inc., of Overland Park, KS, arising from thousands of variable annuity exchanges made as part of the firm's national switching campaign. Under the terms of the settlement with NASD and a separate agreement with a coalition of state regulatory authorities, Waddell & Reed was to repay up to $11 million to more than 5,000 customers whose annuities were exchanged by the firm as well as a fine of $5 million to NASD. The resolution was also announced by a group of state regulators to which the firm paid an additional fine of $2 million: For more info visit https://www.finra.org/media-center/news-releases/2005/waddell-reed-inc-agrees-pay-5-million-fine-11-million-restitution