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Wachovia to buy back securities

August 16, 2008|From Times Wire Services

Wachovia Corp. agreed to buy back $9 billion of auction-rate securities as New York Atty. Gen. Andrew Cuomo increased pressure on Merrill Lynch & Co. and Goldman Sachs Group Inc. to settle claims that they too misled investors in the bonds.

Wachovia agreed to repurchase the securities and pay a $50-million fine to settle claims by the Securities and Exchange Commission and states including Missouri and New York.

Cuomo said Merrill faced an "imminent" lawsuit from New York because the company's offer last week to buy back $10 billion of the debt wasn't satisfactory.

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