Bank of America, RBC settle cases

Bank of America Corp. has agreed to buy back up to $4.7 billion in auction-rate securities to settle charges it misled thousands of customers about the risky investments, federal and state regulators said Wednesday.

WASHINGTON (AP) — Bank of America Corp. has agreed to buy back up to $4.7 billion in auction-rate securities to settle charges it misled thousands of customers about the risky investments, federal and state regulators said Wednesday.

The regulators also announced similar settlements with RBC Capital Markets Corp., which agreed to buy back about $850 million worth of auction-rate securities from roughly 2,200 investors.

Tags: bankofamerica, settlement, regulators

More from around the web