Cuomo Inks ARS Buyback Deals With 3 More Banks

Law360, New York (August 21, 2008, 12:00 AM EDT) -- Merrill Lynch & Co. Inc., Deutsche Bank AG and Goldman Sachs Group Inc. have become the latest Wall Street firms to sign multibillion-dollar settlements with New York Attorney General Andrew Cuomo over the ill-fated auction rate securities market.

The deals were announced in a Thursday afternoon conference call led by Cuomo, who said the three banks would pay civil penalties totaling $170.5 million and repurchase billions of dollars in auction rate securities at par value, according to an AP report.

The settlement was reached with Cuomo...
To view the full article, register now.