BoA and RBC agree ars settlements
WASHINGTON, DC - Bank of America (BoA) and Royal Bank of Canada (RBC) are the latest banks to reach a settlement with the US Securities and Exchange Commission and New York Attorney-General's Office to buy back billions of dollars of auction-rate securities (ARS). Auction-rate securities are debt investments issued by municipalities, student-loan agencies, closed-ended funds and others. The $340 billion market collapsed earlier this year when broker-dealers stopped participating in auctions
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