Lehman To Pay $400,000 Over Inaccurate Reports

The New York Stock Exchange has fined Lehman Brothers $400,000, claiming the company submitted to it inaccurate monthly reports on its short-interest positions for more than three years. According to the Associated Press, there were more than 4,000 cases of either underreporting or overreporting, alledgedly as the result of employees assigning incorrect positions to the wrong accounts. The NYSE said the errors had “a material impact” on the short-interest data that the exchange includes in reports that it sells to people who use them to help make investment decisions. The exchange noted that Lehman, which did not admit or deny the allegations, could have prevented the errors by upgrading its systems and reviewing the reports before sending them to the NYSE.