After not paying investors the more than $86 million worth of breakpoint discounts they deserved, 15 brokerages were forced to settle for $21.5 million with the SEC and NASD yesterday, as reported, and all will have to pay the investors what they are owed.

When the Securities and Exchange Commission studied breakpoint discounts last year, it found that almost a third of firms offering them were not following through. What ensued was action against ,and now a settlement with, the 15 firms, including Bear Stearns and Lehman Brothers .

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