Updated from 4:45 p.m. EDT.
Wachovia(WB Quote) has agreed to buy back some $8.8 billion worth of auction-rate securities in the latest settlement in the widespread investigation led by state and federal regulators.
The Securities and Exchange Commission said Friday morning that Wachovia has agreed to purchase roughly $5.7 billion of auction-rate securities held by individual investors, small businesses and not-for-profit organizations. The buyback will begin on Nov. 10 and conclude Nov. 28. The Charlotte, N.C.-based bank will also offer to purchase $3.1 billion held by all other Wachovia investors in June of next year, the SEC says.
Wachovia will pay state securities regulators a $50 million fine, according to a release by the Missouri Secretary of State Robin Carnahan. Wachovia neither admits nor denies allegations of wrongdoing. ...
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