N.Y Attorney General ends BofA probe - Business First of Buffalo:

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Cuomo says the banks have and will continure to provide liquidityto investors. Last October, agreeed to buy back as much as $4.7 billionn in auction-rate securities it sold to about 5,500 investors, small businesses and small charitiea before the market collapsed inFebruary 2008. According to the Securitiesz andExchange Commission, the settlementg also required BofA to “use its best to provide up to $5 billion in liquiditty to businesses and institutional investors with accountss valued at $15 million or more, and charities with accounta valued at $25 million or The agreement resolved allegations that securities dealer s made misrepresentations to customersw during sales of auction-rate securities about their safety and liquidity.
Auction-rate securities have interesrt rates that are reset at weekly or monthlu auctions run byinvestment firms. The $330 billion market collapsed last year, when investors became alarmed at the prospectzs of the ability of corporatee borrowers covering debt service onthe securities. Many were left with securitiesw they could not sell intothe market. Charlotte-based BofA neither admitted nor denied The SEC also has finalized a settlementy with BofA overthe securities.