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Monday, April 11, 2005

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Spitzer's Office Recovers $2.38 Billion in 2004

From Reuters

New York Atty. Gen. Eliot Spitzer on Thursday said his office last year recovered for consumers, investors and his state a record $2.38 billion from investigations and settlements related to mutual funds, tobacco and other matters.

Spitzer, a 2006 Democratic gubernatorial candidate in New York, said recoveries increased 37% from $1.74 billion in 2003. The totals include amounts ordered to be paid, and amounts that may be paid in future years.

Spitzer has in recent years become a key figure in changing long-standing practices in such areas as mutual fund trading and insurance.

Last year's recoveries included $1.32 billion in restitution to the public, up 146% from 2003. More than $1 billion of that sum resulted from probes conducted with the Securities and Exchange Commission of brokerages and other financial firms.

State and local governments last year obtained $802 million in tobacco-related recoveries, including $410 million to be paid to the state and $392 million to be paid to local governments. The state also recovered $265 million from other settlements.

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