
The New York Attorney General announced a $600 million settlement with Alliance Capital Management -- $250 million in penalties and restitution and $350 million in fee reductions -- to resolve litigation over improper trading and exorbitant fees. The $250 million portion was negotiated together with the Securities and Exchange Commission; For more info visit https://web.archive.org/web/20101119022730/http://www.ag.ny.gov/media_center/2003/dec/dec18c_03.html