Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, February 5, 2009

SEC and NYAG Announce Wachovia ARS Settlement

The SEC and the New York Attorney General separately announced the finalization of the settlement with Wachovia Securities, LLC that will provide more than $7 billion in liquidity to thousands of customers who invested in auction rate securities (ARS) before the market for those securities collapsed.  The regulators charged that Wachovia misled investors regarding the liquidity risks associated with ARS that it underwrote, marketed and sold.

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