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Three Banks Settle SEC Action For $1.6 Million

Law360 (January 10, 2007, 12:00 AM EST) -- Three banks have paid $1.6 million in SEC fines over claims they allowed broker-dealers to submit bids on auction rate securities after deadlines, manipulating investors’ return rate.

In what has been described as a cleanup of the industry, the Deutsche Bank Trust Company Americas, the Bank of New York and Wilmington Trust Company agreed Tuesday to settle with the Commission without admitting or denying liability.

The SEC accepted the settlement in response to cease-and-desist orders imposed on the banks for the alleged securities law breaches....
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