Today, Massachusetts announced it reached a settlement in principle with Bank of America requiring the company to purchase approximately $4.5 billion in auction rate securities from customers.
Bank of America will offer to repurchase ARS at par from customers during the fourth quarter. The buy-back is limited to retail customers, small business customers with up to $10 million in deposits and charitable entities with up to $25 million in deposits. The settlement leaves other investors including institituional investors out in the cold.
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