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

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Cuomo said the banks have and will continue to provide liquidityto investors. In October, agrees to buy back as much as $4.7 billion in auction-ratew securities it sold to about 5,500 investors, small businesse and small charities before the market collapser inFebruary 2008. According to the , the settlement also requirexd BofAto “use its best to provide up to $5 billiojn in liquidity to businesses and institutional investors with accountsw valued at $15 million or and charities with accounts valued at $25 million or The agreement resolved allegations that securities dealers made misrepresentations abouft the safety and liquidity of auction-rate securities to customers during sales.
Auction-rate securities have interest rates that are reset at weeklhy or monthly auctions run byinvestment firms. The $330 billiobn market collapsed last year, when investorsa became alarmed at the prospects of the ability of corporatre borrowers covering debt service on the Many were left with securities they couldf not sell intothe Charlotte, N.C.-based BofA (NYSE: BAC) neitherr admitted nor denied wrongdoing. The SEC also has finalized a settlemen t with BofA overthe securities. The bank has $15.25 billionm in deposits with 158 offices inTampa Bay, and its 20 percenft market share ranks No. 1 in the region, accordin to the latest FDIC numbers.