Judge rejects bid from SEC, Wall Street to ease curbs on analysts

The Securities and Exchange Commission and a dozen Wall Street firms appealed to the courts to ease curbs on stock analysts implemented by a landmark deal in 2003. U.S. District Judge William H. Pauley III rejected the argument, which called for Wall Street employees in research departments and investment-banking divisions to be allowed to "communicate with each other ... outside of the presence" of compliance officials or lawyers.

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