CSFB files defence in IPO investigation
The investment bank, Credit Suisse First Boston, has reportedly filed its defence with Wall Street securities regulators investigating alleged irregularities in the bank's handling of Initial Public Offerings.
The Wall Street Journal says in its Tuesday edition that CSFB argues that it did not violate rules in receiving large commissions from investors who obtained allocations of popular IPOs.
According to the report, the Credit Suisse unit told the National Association of Securities Dealers that it should not face charges of excessive commissions because the fees it received did not exceed an industry benchmark of five per cent of the transaction’s value.
The deposition provides the first window of how CSFB and other banks involved in the securities industry plan to fight a regulatory crackdown on the industry’s handling of IPOs.
Neither regulators nor CSFB had any comment on the Wall Street Journal’s report.
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