Robertson Stephens and one of its former investment bankers were censured and fined for threatening to drop research coverage of ResMed Inc. if the medical device company did not pay $1 million in investment banking fees, the National Association of Securities Dealers said Wednesday.
Richard "Kevin" Davies was fined $75,000, and Robertson Stephens was fined $275,000, as part of a settlement of charges that they violated rules requiring firms and employees to adhere to high standards of commercial honor and just principles of trade, the NASD said.
FleetBoston Financial Corp., Robertson Stephens' parent, shuttered the unprofitable investment banking unit in 2002.
