WASHINGTON, Sept 1 (Reuters) – More than a year after the auction-rate securities market seized up, a leading organization representing U.S. bond dealers has reversed course and decided to support plans to disclose more data about the bonds’ auctions.
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Dealers now back US auction-rate disclosure
Schwab faces ARS fraud charge, TD Ameritrade settles
By Jonathan Spicer
NEW YORK, July 20 (Reuters) – New York’s attorney general, probing illegal marketing and sales of auction rate securities, intends to charge Charles Schwab Corp with civil fraud and has reached a settlement with rival TD Ameritrade Holding Corp, his office said on Monday. (more…)
Citigroup punished by Pennsylvania on auction-rate sales
NEW YORK, July 14 (Reuters) – Citigroup Inc was ordered by Pennsylvania to pay a $2.31 million penalty and repurchase hundreds of millions of dollars of illiquid auction-rate debt from more than 1,200 retail investors in the state. The third-largest U.S. bank is among many securities firms that have agreed to buy back more than $60 billion of the debt, after the $330 billion market froze in February 2008 when dealers stopped taking part in auctions where rates are set. (more…)
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