SECURITIES

Lehman Bros. Agrees to Pay $850,000 Fine:

The major Wall Street investment bank agreed to pay the civil fine to settle charges that it made improper bids for securities of its former parent, American Express Co. Lehman, without admitting or denying the allegations, settled Securities and Exchange Commission administrative charges concerning bids for money market preferred stock issued by American Express between 1984 and 1990, the SEC said. American Express wasn’t charged with wrongdoing. Lehman Bros. Inc., formerly known as Shearson Lehman Bros., served as underwriter for the securities. The SEC said Lehman violated auction procedures by structuring bids in such a way that it purchased the securities for its own account.