December 8, 2003

Piper Jaffray Disciplines Two Employees for Market Timing

December 4, 2003 -- Piper Jaffray Cos. has taken "disciplinary action" against two employees related to one incident of mutual fund market timing, according to papers filed with the SEC.

Piper Jaffray, which is expected to soon be spun-off from its parent corporation, U.S. Bancorp (USB), indicated that, as part of its internal review of mutual fund practices, it became aware of a total of three situations in which firm customers appear to have been engaged in market timing. The company noted that the other two instances of market-timing did not require any disciplinary action.

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