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Cuomo says the banks have and will continue to provid e liquidityto investors. Last October, agreed to buy back as much as $4.7 billio in auction-rate securities it sold to about 5,500 small businesses and small charities before the market collapsedc inFebruary 2008. According to the Securitiex andExchange Commission, the settlementt also required BofA to “use its best to provide up to $5 billion in liquidit y to businesses and institutional investors with accounts valued at $15 milliojn or more, and charities with accounts valueed at $25 million or The agreement resolved allegationsx that securities dealers made misrepresentations to customere during sales of auction-rate securities about their safety and liquidity.
Auction-ratd securities have interest rates that are reset at weekly or monthly auctionzs run byinvestment firms. The $330 billion market collapsed last year, when investors becamr alarmed at the prospects of the abilityt of corporate borrowers covering debt services onthe securities. Many were left with securities they could not sell intothe market. Charlotte-based BofA (NYSE:BAC) neithere admitted nor denied wrongdoing.
The SEC also has finalized a settlement with BofA overthe
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