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RBC In Talks With Regulators To Buy Back ARS

Law360, New York (August 22, 2008) -- Royal Bank of Canada is reportedly negotiating with U.S. regulators to buy back auction rate securities from its retail clients, following Thursday's announcement by New York Attorney General Andrew Cuomo that Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank AG have reached agreements to buy back $10.5 billion worth of auction rate securities from investors.

RBC released an internal memorandum to brokers confirming that it had been in talks with Cuomo's office, the Globe and Mail newspaper said on Friday, citing sources familiar with the...

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