Comerica Agrees To Buy Back $1.46B In ARS

Law360, New York (September 18, 2008, 12:00 AM EDT) -- Comerica Inc. has agreed to buy back $1.46 billion in auction rate securities from customers who purchased the assets under the pretense that they were safe investments and then found their accounts frozen when the ARS market collapsed earlier this year.

Michigan Attorney General Mike Cox announced the settlement on Thursday, which calls for the bank's Comerica Securities Inc. subsidiary to offer a full buyback to any customer with a Comerica ARS account of up to $10 million who purchased the securities between May 31, 2006...
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