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Article: Enforcement: Banc of America Units, RBC to Buy Back ARS in Preliminary Settlements.(Washington)

Article from:
The Bond Buyer
Article date:
October 9, 2008
Copyright

Byline: Lynn Hume

Banc of America Securities LLC, Banc of America Investment Services Inc., and RBC Capital Markets Corp. have agreed to buy back at par a total of almost $5.6 billion of auction-rate securities from retail investors under preliminary settlements reached with federal and state regulators over charges they engaged in abusive ARS sales practices.

The preliminary settlements were announced yesterday by the North American Securities Administrators Association, a group of state securities regulators, and the Securities and Exchange Commission, but also include as parties the Financial Industry Regulatory Authority and the New York attorney ...

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