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ARS Crisis Over?

By Mark H. Astarita, Esq.

Well, in just a few short days (OK, a week) it looks like the ARS crisis is coming to a close.On Thursday, Citigroup settled state and federal claims, agreeing to buy $7.3 billion of the debt from individual investors and pay $100 million in fines, as well as pledging to help 2,600 institutional customers unload $12 billion of securities.Today, UBS agreed to pay $150 million in fines and begin buying back $18.6 billion in failed auction-rate securities. UBS will purchase $8.3 billion of the securities from its clients beginning on Oct. 31 under a settlement with New York State Attorney General Andrew Cuomo, the Securities and Exchange Commission, and a group of other state regulators, according to terms of the settlement announced today. The bank must also help its institutional clients sell an additional $10...continue to full post

Full post as published by SECLaw.com on August 08, 2008 (boomark / email).