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Wachovia Securities/Capital Markets fined
Auction-rate securities are long-term investments with interest or dividend rates that reset through auctions held at predetermined intervals, typically between seven and 42 days. The fine represents Arizona's share of a $50 million settlement negotiated by a multistate task force.
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- News Source: Uinta County News | 8 months agoArizonans who lost money on fast-adjusting investments known as auction-rate securities through either of two securities brokers owned by the bank Wachovia will receive a refund for their losses as part of a $50 million buyback settlement.
- News Source: Arizona Daily star | 8 months agoAuction-rate securities are long-term investments with interest or dividend rates that reset through auctions held at predetermined intervals, typically between seven and 42 days. The fine represents Arizona's share of a $50 million settlement...
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