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NEW YORK (CNNMoney.com) -
It took nearly three years, but the Securities and Exchange Commission is finally mailing checks to some 34,000 investors burned by faulty Wall Street research.
The payback comes from a $440 million SEC restitution fund -- part of a $1.4 billion settlement -- and will go to 33,677 clients of Wall Street brokerage firms that the SEC found had issued misleading research on 55 major companies, USA Today reported Thursday.
The newspaper said the SEC started mailing out checks Wednesday.
The companies whose growth prospects were overstated by various brokerage firms included AT&T, WorldCom, Oracle, Ask Jeeves, Razorfish and InfoSpace, according to the report.
Over half of the checks will go to investors who owned 100 shares or less. Larger investors could see multimillion-dollar payouts, with the largest at $15 million, the paper said.
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