10/9/2008

Bank of America and the Royal Bank of Canada agreed to buy back securities and pay fines to settle charges by regulators that they made misrepresentations in the marketing and sales of auction-rate securities. Bank of America will return $4.5 billion to investors and pay a $50 million penalty. The Canadian bank agreed to buy back $850 million in securities and pay a $9.8 million fine.

Full Story:
Financial Week

Related Summaries