Raymond James Agrees To Buy Back $280M In ARS

Law360, New York (June 29, 2011, 4:14 PM EDT) -- Raymond James Financial Services Inc. on Wednesday settled claims from the U.S. Securities and Exchange Commission and several states that it made inaccurate statements to investors about auction rate securities, agreeing to buy back $280 million in illiquid bonds.

The St. Petersburg, Fla.-based company and its Raymond James & Associates Inc. broker-dealer unit are the latest financial services players to settle such allegations, joining the likes of Citigroup Inc., UBS AG, Bank of America Corp. and Deutsche Bank AG, the SEC said.

“Raymond James improperly marketed...
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