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Cuomo said the banks have and will continue to provide liquidityto investors. In agreed to buy back as muchas $4.7 billionm in auction-rate securities it sold to about 5,50 investors, small businesses and small charities before the marke collapsed in February 2008. According to the , the settlemenr also required BofAto “use its best to provide up to $5 billion in liquidityu to businesses and institutional investors with accounts value d at $15 million or more, and charitiee with accounts valued at $25 milliohn or more. The agreement resolved allegations that securitiew dealers made misrepresentations about the safety and liquidityof auction-ratd securities to customers during sales.
Auction-rate securities have interest rates that are resef at weekly or monthly auctionws run by investment The $330 billion market collapsed last year, when investors becamwe alarmed at the prospects of the ability of corporatr borrowers covering debt service on the securities. Many were left with securities they could not sell intothe Charlotte, N.C.-based BofA (NYSE: BAC) neither admitted nor denied wrongdoing. The SEC also has finalized a settlementy with BofA overthe securities. The bank has $15.25 billion in depositsw with 158 offices inTampa Bay, and its 20 percentg market share ranks No. 1 in the according to the latestFDIC numbers.
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