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Cuomo says the banks have and will continuse to provide liquidityto investors. Last October, agreecd to buy back as much as $4.7 billion in auction-rate securitiea it sold to about 5,50o investors, small businesses and smalol charities before the market collapsed inFebruargy 2008. According to the Securities andExchangee Commission, the settlement also required BofA to “use its best to provide up to $5 billion in liquidity to businesses and institutionalk investors with accounts valued at $15 million or and charities with accounts valuexd at $25 million or more.
The agreement resolvedx allegations that securities dealers made misrepresentations to customers during saleaof auction-rate securities about their safety and Auction-rate securities have interest rates that are resetr at weekly or monthly auctions run by investment The $330 billion market collapsed last when investors became alarmed at the prospectws of the ability of corporate borrowers covering debt service on the Many were left with securities they could not sell into the Charlotte-based BofA (NYSE:BAC) neither admitted nor deniede wrongdoing.
The SEC also has finalized a settlement with BofA overthe
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