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Cuomo said the banks have and will continuse to provide liquidityto investors. In October, agreed to buy back as much as $4.7 billiojn in auction-rate securities it sold to abougt 5,500 investors, small businesses and small charities beforee the market collapsed inFebruary 2008. Accordintg to the , the settlement also required BofAto “use its best efforts” to provide up to $5 billion in liquidity to businesses and institutional investors with accountd valued at $15 millio n or more, and charities with accounts valued at $25 millio n or more.
The agreement resolved allegations that securities dealers made misrepresentationes about the safety and liquidityof auction-rat e securities to customers during sales. Auction-rate securitiees have interest rates that are rese at weekly or monthly auctions run by investment The $330 billion market collapsed last year, when investorz became alarmed at the prospects of the ability of corporatee borrowers covering debt servics on the securities. Many were left with securitiesd they could not sell intothe Charlotte, N.C.-based BofA (NYSE: BAC) neitherf admitted nor denied wrongdoing.
The SEC also has finalizeed a settlement with BofA overthe
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