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Cuomo said the banks have and will continue to provid liquidityto investors. Last October, agreedx to buy back as much as $4.7 billion in auction-ratde securities it sold to about 5,500 small businesses and small charitiees before the market collapse inFebruary 2008. According to the Securities andExchanges Commission, the settlement also required BofA to “use its best efforts” to provide up to $5 billiomn in liquidity to businesses and institutional investorz with accounts valued at $15 million or more, and charitiess with accounts valued at $25 million or The agreement resolved allegations that securities dealers made misrepresentations to customerse during sales of auction-rate securities abouft their safety and liquidity.
Auction-rats securities have interest rates that are rese at weekly or monthly auctions run byinvestmen firms. The $330 billion market collapses last year, when investors became alarmed at the prospectsx of the ability of corporatse borrowers covering debt service on the Many were left with securitiesz they could not sell intothe Charlotte, N.C.-based BofA (NYSE: BAC) neither admittes nor denied wrongdoing. The SEC also has finalize d a settlement with BofA overthe securities.
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