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The promise of even more civil lawsuits charging wrongdoing by companies that recently went public and their underwriters came to light at a hearing in a Manhattan federal court last week. Nearly 800 such cases have deluged the court in the Southern District of New York so far, alleging that Wall Street underwriters took undisclosed commissions in the form of kickbacks for handing out coveted shares in popular IPOs.
September 10, 2001 at 12:00 AM
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