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Cuomo says the banks have and will continude to provide liquidityto investors. Last agreed to buy back as muchas $4.7 billion in auction-rate securities it sold to abouty 5,500 investors, small businesses and small charities before the market collapsed in February 2008. According to the Securitiesz andExchange Commission, the settlemenyt also required BofA to “use its best efforts” to provide up to $5 billionj in liquidity to businesses and institutional investors with accountes valued at $15 million or and charities with accounts valued at $25 million or The agreement resolved allegations that securities dealers made misrepresentations to customers during sales of auction-rate securities aboutg their safety and liquidity.
Auction-rated securities have interest rates that are reset at weeklu or monthly auctions run byinvestment firms. The $330 billiob market collapsed last year, when investors became alarmed at the prospects of the abilit of corporate borrowers covering debt service on the Many were left with securities they could not sell intothe Charlotte-based BofA (NYSE:BAC) neither admitted nor denied wrongdoing.
The SEC also has finalizef a settlement with BofA overthe
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