Settlements and Verdicts

Wachovia, JP Morgan Chase, and Morgan Stanley to Pay $16 Billion in Auction-Rate Securities Buy Back

New York Attorney General Andrew M. Cuomo has agreed settlements with JP Morgan Chase, Morgan Stanley, and Wachovia regarding their marketing and sale of auction-rate securities.

The settlement will see the three banks buy back their auction-rate securities from charities, small to mid-size businesses, and retail customers, to the tune of $3 billion for JP Morgan, $4.5 billion for Morgan Stanley, and $8.5 billion for Wachovia. The financial institutions will also pay fines to the North American Securities Administrators Association of between $25 million and $50 million.

AUG-19-08: $16 Billion Auction-Rate Securities Buy Back Settlement with New York State [DS NEWS: AUCTION RATE SECURITIES SETTLEMENT]

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