Bank of America will buy back $4.5 billion in auction rate securities, in a settlement announced yesterday by Massachusetts secretary of state William Galvin.
Under the terms of the agreement, Bank of America will buy back up to $10 million in securities held by small business customers, and up to $25 million per charitable organization. This is the second settlement reached in two weeks between the bank and the state of Massachusetts, the first of which provides for a $43 million buy back of securities from municipal and state agencies.
SEPT-12-08: Bank of America in $4.5 Billion Auction-Rate Settlement [AM LAW DAILY: $4.5 BILLION BANK OF AMERICA SETTLEMENT]
