| During 2002, the Division of Securities became involved in a
multi-state task force that investigated research analyst conflicts of interest.
As part of this investigation, Utah partnered with the New York Stock Exchange
in reviewing research practices at Goldman, Sachs & Co. In December 2002,
Utah reached an agreement in principle with Goldman Sachs to settle the
Division's allegations. This settlement was part of a "global settlement" involving Utah, the SEC, the NYSE, the NASD and the states.
Utah has now reached a final agreement with Goldman Sachs in the form of a
Consent Order. The Consent Order is available on the Division's
on-line database. A link to the Division's database is found
below. As the Division reaches final settlement with the remaining firms, links to those settlement documents
will also be made available below.
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