Deutsche Bank To Buy Back $7.8M In ARS Deal

Law360, New York (January 15, 2010, 4:10 PM EST) -- Deutsche Bank Securities Inc. will buy back $7.8 million in auction rate securities from North Carolina investors following a state investigation that found the bank misled customers about the products' riskiness.

As part of a settlement announced Thursday by North Carolina Secretary of State Elaine Marshall, the bank will buy back all of the ARS investments it sold to individuals, charities, nonprofit organizations and small-to-medium-size businesses with assets of $10 million or less.

“This settlement holds Deutsche Bank accountable for selling auction rate securities to its...
To view the full article, register now.