Bank of America Eager to Settle ARS Probes

Law360, New York (September 5, 2008, 12:00 AM EDT) -- In the wake of eight financial giants agreeing to buy back an estimated $50 billion of auction rate securities in the past month, Bank of America Corp. announced Thursday it was ready to ink an agreement with federal and state regulators that would settle allegations that it fraudulently marketed and sold the securities.

The Charlotte, N.C.-based bank said it has been working for almost a month to reach an agreement with the U.S. Securities and Exchange Commission, the New York attorney general's office, the Massachusetts Securities...
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