Wachovia, Raymond James To Buy Back $458M In ARS

Law360, New York (October 4, 2011, 7:57 PM EDT) -- Wachovia Corp. and Raymond James & Associates Inc. reached deals with New Jersey regulators Tuesday to repurchase nearly $458 million in auction rate securities from clients in the state to settle claims they sold ARS without disclosing known market risks.

The deals — the 14th and 15th of their kind between financial companies and the New Jersey Bureau of Securities — put the total amount of such ARS repurchase agreements at about $4 billion to date. Firms have paid a total of $22.4 million in civil...
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