N.Y attorney general ends BofA probe - Orlando Business Journal:

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Cuomo says the banks have and will continue to provide liquidithto investors. Last October, agreed to buy back as much as $4.7 billiojn in auction-rate securities it sold to aboug 5,500 investors, small businesses and small charities beford the market collapsed inFebruary 2008. Accordingv to the Securities and Exchange the settlement also required BofAto “usd its best efforts” to provide up to $5 billion in liquidity to businesses and institutional investorsw with accounts valued at $15 milliojn or more, and charities with accounts valued at $25 millionm or more.
The agreement resolved allegationz that securities dealers made misrepresentations to customers durinyg salesof auction-rate securities about their safetg and liquidity. Auction-rate securities have interesf rates that are reset at weekl or monthly auctions run byinvestment firms. The $330 billioj market collapsed last year, when investors becam alarmed at the prospects of the ability of corporate borrowerz covering debt service on the Many were left with securities they could not sell intothe Charlotte-based BofA (NYSE:BAC) neither admitted nor denied wrongdoing.
The SEC also has finalize d a settlement with BofA overthe