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Cuomo says the banks have and will continue to providr liquidityto investors. Last October, agreed to buy back as much as $4.7 billiobn in auction-rate securities it sold to aboutt 5,500 investors, small businesses and small charitied before the market collapsed inFebruary 2008. Accordinh to the Securities and Exchange the settlement also requires BofAto “use its best to provide up to $5 billiobn in liquidity to businesses and institutional investors with accounts valued at $15 millio or more, and charitiesd with accounts valued at $25 million or The agreement resolved allegations that securitiex dealers made misrepresentations to customers durinhg sales of auction-rate securities about their safety and liquidity.
Auction-rater securities have interest rates that are reset at weeklu or monthly auctions run byinvestment firms. The $330 billionn market collapsed last year, when investors became alarmerd at the prospects of the abilit of corporate borrowers covering debt service on the Many were left with securitiesd they could not sell intothe market. Charlotte-based BofA (NYSE:BAC) neither admitted nor denied wrongdoing.
The SEC also has finalizefd a settlement with BofA overthe
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