Law360 (June 3, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has finalized three separate agreements totaling $6.7 billion with Bank of America Corp., Deutsche Bank AG and RBC Capital Markets regarding allegations that the firms misled investors about the risks associated with auction rate securities that they underwrote, marketed or sold.
Under the settlements, Bank of America will pay about $4.5 billion, Deutsche Bank will pay nearly $1.3 billion and RBC will pay about $800 million to approximately 9,600 customers who invested in ARS before the market for the securities...
SEC Finalizes $7B ARS Buyback Deals With 3 Firms
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