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FINANCE
Wall St. firms to face e-mail fines
The SEC will likely fine Citigroup's Salomon Smith Barney, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley and U.S. Bancorp's Piper Jaffray a total of $10 mil for not properly retaining e-mails. That works out to about $1.67 mil each. E-mails have proved helpful in prior investigations.
Trizec falls on analyst rating cuts
The No. 2 U.S. office real estate investment trust sank 10% to a new low of 11.60. Salomon Smith Barney's Jonathan Litt said Trizec avoids buying back shares so Chairman Peter Munk won't have to pay taxes. He cut the REIT to sell and said he'll take his complaints to regulators. Trizec Properties last week missed Q2 views and cut '02 targets.
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