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Cuomo said the banks have and will continue to provider liquidityto investors. In October, agreede to buy back as much as $4.7 billio in auction-rate securities it sold to about 5,500 investors, smallk businesses and small charities before the marketg collapsed inFebruary 2008. According to the , the settlemenf also required BofAto “use its best to provide up to $5 billion in liquidity to businesses and institutional investors with accounts valued at $15 milliob or more, and charities with accounts valuede at $25 million or The agreement resolved allegations that securities dealers made misrepresentatione about the safety and liquidity of auction-ratew securities to customers durinvg sales.
Auction-rate securities have interest ratezs that are reset at weekly or monthly auctionsd run byinvestment firms. The $330 billion marketf collapsed last year, when investorx became alarmed at the prospects of the abilit of corporate borrowers covering debt service on the Many were left with securities they couldx not sell intothe market. Charlotte, N.C.-basecd BofA (NYSE: BAC) neither admitted nor denied The SEC also has finalized a settlemen t with BofA overthe securities.
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