Bank of America to buy back $4.7 billion in securities
Federal regulators say Bank of America Corp has agreed to buy back as much as $4.7 billion in auction-rate securities to settle charges that it misled thousands of customers about the risky investments.
By Agencies |
WASHINGTON: Federal regulators say Bank of America Corp has agreed to buy back as much as $4.7 billion in auction-rate securities to settle charges that it misled thousands of customers about the risky investments.
The Securities and Exchange Commission announced the preliminary settlement with the Charlotte, N.C.-based bank.
Bank of America joins eight other big investment banks that have agreed to buy back a total of more than $50 billion of the securities.
Bank of America also agreed to "use its best efforts" to provide as much as $5 billion in liquidity to other businesses that bought them, according to the SEC.
The Securities and Exchange Commission announced the preliminary settlement with the Charlotte, N.C.-based bank.
Bank of America joins eight other big investment banks that have agreed to buy back a total of more than $50 billion of the securities.
Bank of America also agreed to "use its best efforts" to provide as much as $5 billion in liquidity to other businesses that bought them, according to the SEC.
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