Merrill Lynch & Co. Inc. of New York has reached an agreement with the state of Massachusetts over the sale of auction rate securities, Investment News reports.
Beginning 15 October, the firm will buy back at par ARS held by retail clients with less than $3 million in ARS holdings, according to a statement from William Galvin, Massachusetts secretary of the commonwealth.
This initial buyback will amount to about $2.1 billion, said Brian McNiff, a spokesman for the secretary.
On or after 15 January, Merrill will buy back ARS from clients with holdings of $100 million or less.
The full stry is available at the Investment News web-site.