U.S. securities regulators drew sharp criticism from a federal judge who said they have failed to properly oversee a $55 million investor education fund created by a nearly decade-old settlement with Wall Street banks. The fund had been created as part of a roughly $1.5 billion regulatory accord in 2003 with Citigroup Inc (C.N), Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N) and other banks accused of publishing biased analyst research. U.S. District Judge William Pauley in Manhattan said the U.S. Securities and Exchange Commission has shown a “lack of oversight” and “indifference” toward how a nonprofit foundation charged with distributing the money has been managed. Read Reuters report here.
