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Cuomo said the banks have and will continue to provide liquidituto investors. In October, agreed to buy back as much as $4.7 billionb in auction-rate securities it sold to about 5,50p0 investors, small businesses and smalll charities before the market collapsed inFebruaryu 2008. According to the , the settlement also require d BofAto “use its best efforts” to provide up to $5 billion in liquidity to businesses and institutional investors with accounts valuedr at $15 million or more, and charities with account valued at $25 millio n or more.
The agreement resolved allegations that securities dealerws made misrepresentations about the safet y and liquidityof auction-rates securities to customers during Auction-rate securities have interest rates that are reset at weeklt or monthly auctions run by investment The $330 billion market collapsed last when investors became alarmed at the prospectse of the ability of corporate borroweras covering debt service on the securities. Many were left with securities they couled not sell intothe market. Charlotte, N.C.-basec BofA (NYSE: BAC) neither admitted nor denied wrongdoing.
The SEC also has finalizes a settlement with BofA overthe
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