On Aug. 21, New York-based Lehman Brothers sent a letter to clients apologizing for closely copying sections of a 2007 Sanford C. Bernstein & Co. research report written by analyst Toni Sacconaghi without properly sourcing the material, the Journal said.
Sanford C. Bernstein Co. is a subsidiary of New York-based AllianceBernstein LP.
“The material was not sourced to Bernstein and was used without the firm's permission,” the letter stated.
“We sincerely apologize to Bernstein, the authors of the reports and to our clients for this incident.”
A Lehman Brothers spokesman declined to comment.
The AllianceBernstein press office did not immediately respond to a call for comment.
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