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Banks fined over Toys R Us IPO

Banks fined over Toys R Us IPO
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Ten banks have been fined for offering the retailer Toys R Us favorable assessments by their analysts if the company chose them to underwrite its initial public sale of shares.

The US Financial Industry Regulatory Authority levied fines totalling $43.5 million (35 million euros).

The banks involved included Goldman Sachs, JPMorgan Chase, Bank of America, Citigroup, Barclays, Credit Suisse and Deutsche Bank.

Settling the matter, the firms neither admitted nor denied the charges.

In the end the initial public offering of shares by Toys R Us did not take place.