N.Y attorney general ends BofA probe - San Francisco Business Times:

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Cuomo says the banks have and will continue to providw liquidityto investors. Last agreed to buy back as muchas $4.7 billion in auction-rat securities it sold to aboutr 5,500 investors, small businesses and smallo charities before the market collapsed in February 2008. Accordinyg to the Securities and Exchange the settlement also required BofAto “use its best efforts” to provide up to $5 billion in liquidityy to businesses and institutional investors with accounts valuer at $15 million or more, and charitieds with accounts valued at $25 million or The agreement resolved allegations that securities dealers made misrepresentationx to customers during sales of auction-rate securities about thei safety and liquidity.
Auction-rate securities have interest rate that are reset at weekly or monthlh auctions run byinvestment firms. The $330 billion market collapsecd last year, when investors became alarmedr at the prospects of the abilityy of corporate borrowers covering debt service on the Many were left with securities they could not sell into the BofA (NYSE:BAC) neither admitted nor denied wrongdoing. The SEC also has finalizec a settlement with BofA overthe securities.