Virginia to net nearly $1.3M in multistate deal settling auction rate securities case

Virginia will receive nearly $1.3 million as part of a multistate settlement with two investment companies.
JUL 16, 2009
Virginia will receive nearly $1.3 million as part of a multistate settlement with two investment companies. The State Corporation Commission said Wednesday that the agreement settles allegations that Virginia investors were misled about the risks of auction-rate securities. The SCC says the securities were marketed as safe, liquid investments but were subject to a complex auction process that failed, resulting in lower interest rates for investors. Citigroup Global Markets Inc. will pay the state $924,781, and Banc of America Securities LLC & Banc of America Investment Services Inc. will pay $351,693. Eleven other states also are receiving payments.

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