It has been three years since the Global Research Analyst Settlement was announced, but it appears not every firm on the Street got the message. Wachovia Corp.'s capital markets group just cost the firm a $25 million fine, stemming from charges of research-related conflicts of interest. Similar charges were lobbed against Wachovia by a CDO research analyst nearly one year ago.

The North American Securities Administrators Association (NASAA), comprised of state regulators, announced Wachovia Capital Markets agreed to pay a total of $25 million to settle charges that it essentially failed to build a Chinese wall between its research analysts and investment bankers. Wachovia, according to a statement, admits no wrong doing in the settlement, which was the result of a 28-month investigation. (The global equity research analyst settlement was also driven, in part, by the NASAA.)

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