Merrill To Buy Back $38M In ARS From Mont. Investors

Law360, New York (June 10, 2009, 12:00 AM EDT) -- Merrill Lynch & Co. Inc. has agreed to buy back $38 million in auction rate securities and pay a $373,000 fine to Montana, marking the state's latest settlement coup as it seeks recompense for investors over the collapsed investment market.

Montana Commissioner of Securities and Insurance Monica Lindeen revealed the settlement Tuesday, praising the return of millions to Montana investors who lost money in ARS after alleged false marketing on the part of Merrill and other broker-dealers.

"This settlement sends a clear message to the entire...
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