Credit Suisse has agreed to buy back $550 million worth of auction rate securities in a deal with the Attorney General of the State of New York and the North American Securities Administrators Association Task Force.
Though the company still does not admit nor deny the allegations against it, Credit Suisse will pay at least $15 million in penalties to the state of New York and the task force.
Eligible individual investors must have purchased their ARS through Credit Suisse prior to 14 February 2008.