Wachovia To Buy Back $325M In Pa. Investors' ARS

Law360, New York (August 11, 2009, 5:09 PM EDT) -- The Pennsylvania Securities Commission announced Tuesday that Wachovia Securities LLC will repurchase $324.6 million in auction rate securities sold to Pennsylvania investors, resolving the state regulator's investigation into Wachovia's ARS sales practices before the market tanked in 2008.

In addition to buying back millions of dollars' worth of ARS sold to 1,300 Pennsylvania retail investors before the ARS market faltered in February 2008, the final order requires Wachovia to pay a $2.52 million fine to the state for its role in allegedly misleading purchasers about the...
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