SECURITIES

NYSE Fines Defunct Drexel $2.5 Million: It was the largest fine ever levied by the New York Stock Exchange. The NYSE fined Drexel Burnham Lambert Inc. for the criminal activities that brought down the Wall Street powerhouse of the 1980s. The fine concludes lengthy disciplinary proceedings against Drexel stemming from the firm’s securities law and fraud violations. But it was far less than the $50 million initially sought by the Big Board. The NYSE now is a creditor to the Drexel bankruptcy estate. According to bankruptcy disclosure statements, the NYSE is projected to get 22% of the claim’s face value, or $550,000.