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Federal and State Regulators and U.S. Bancorp Piper Jaffray Reach Agreement in Principle, Resolving the Analyst Conflict of Interest Inquiry

MINNEAPOLIS, Dec. 30 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray (Piper Jaffray), today announced that it has reached an agreement in principle with federal and state regulators, resolving an industry-wide review into alleged analyst conflicts of interest. Piper Jaffray is one of twelve securities firms involved in the matter. A formal settlement agreement will follow, pending final resolution of terms.

Under the terms of the settlement, Piper Jaffray would agree to pay $25 million to resolve regulators' claims, and would pay $1.5 million annually for five years to fund a third-party research product to be distributed to investors. In addition, Piper Jaffray would agree to make structural changes relating to its research and investment banking groups.

"Since this process began, our regulators and we have shared the goals of reinforcing equity research independence, bringing about progressive changes to various industry practices and restoring confidence in the capital markets system," said Andrew Duff, president and chief executive officer of Piper Jaffray. "We believe this settlement will accomplish these goals."

About Piper Jaffray

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of three divisions: Equity Capital Markets, Fixed Income Capital Markets and Private Advisory Services. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 120 offices in 24 states across the country. The Equity Capital Markets Division focuses on the needs of growth companies in the health care, technology, financial institutions, consumer and communications growth sectors. The firm has a national reputation for its expertise in fundamental research and equity and debt financing. The Fixed Income Capital Markets business provides bond issuers, individual investors and institutional investors expertise in investment banking, underwriting, trading, sales and research. The firm offers innovative solutions in corporate and government debt financings with particular expertise in corporate, health care/hospitals, real estate, higher education and government debt. The Private Advisory Services division financial advisors provide guidance in retirement planning, education planning, estate planning and wealth accumulation. Investors select from a wide array of products, including fee-based products, stocks, bonds, mutual funds, annuities, insurance and trust services. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .

    Additional information is available upon request.

                     

SOURCE U.S. Bancorp Piper Jaffray

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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