Citi, Wachovia Settle Calif. ARS Case

31 Mar 2009

Citigroup and Wachovia have agreed to return a combined $4.7 billion to California investors who bought auction-rate securities from them.

Citigroup and Wachovia have agreed to return a combined $4.7 billion to California investors who bought auction-rate securities from them. The state’s regulator, the Department of Corporations, had charged that Wachovia Securities, Wachovia Capital Markets and Citigroup Markets misrepresented the ARS as safe products equivalent to cash, even ...

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