This story is developing. Please check back for further updates.
The Financial Industry Regulatory Authority said Thursday that it fined 10 banks a total of $43.5 million over alleged conflicts from the 2010 planned IPO of Toys"R"Us.
FINRA fined Barclays Capital, Citigroup Global Markets, Goldman Sachs and others "for allowing their equity research analysts to solicit investment banking business and for offering favorable research coverage" in connection with the IPO, the agency said.
"FINRA's research analyst conflict of interest rules make clear that firms may not use research analysts or the promise of offering favorable research to win investment banking business," Susan Axelrod, FINRA executive vice president for regulatory operations, said in a news release.
Brad Bennett, FINRA's executive vice president and chief of enforcement, said in the release that the fines "reaffirm the importance" of the prohibitions "maintaining the integrity of the research function against whatever pressures may exist to monetize the reputation and work product of the analysts."
Importantly, the 10 banks neither admitted nor denied the charges.
Here's the complete list of FINRA fines over the alleged Toys"R"Us conflicts:
for the latest on the markets.