Fidelity Offers To Buy Back $300M In ARS Deal

Law360, New York (September 15, 2008, 12:00 AM EDT) -- Fidelity Investments has reached a truce with regulators in New York and Massachusetts over auction rate securities, marking another in a long line of entities to broker settlements in this arena.

On Friday, New York Attorney General Andrew Cuomo and Massachusetts Secretary of the Commonwealth William Galvin disclosed separate settlements with Fidelity, which has promised to buy back about $300 million of ARS from retail customers.

“I applaud Fidelity for the actions that it has taken today and hope that they will serve as an example...
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