Law360, New York (February 05, 2009, 12:00 AM ET) -- The U.S. Securities and Exchange Commission has finalized a $7 billion settlement with Wachovia Securities LLC over the broker-dealer's involvement in the collapsed auction rate securities market, the agency announced Thursday.
Under the deal, St. Louis-headquartered Wachovia will provide liquidity to thousands of investors who bought auction rate securities before the bottom dropped out of the market in February 2008, the SEC said.
The settlement resolves all claims by the regulator that Wachovia misled investors about the risks of the securities that the firm marketed, sold...
SEC, Wachovia Reach $7B Deal Over ARS Crash
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