LAWSUITS NEWS & LEGAL INFORMATION
Wachovia, JP Morgan Chase, and Morgan Stanley to Pay $16 Billion in Auction-Rate Securities Buy Back
This is a settlement for the Auction Rate Securities lawsuit.
New York Attorney General Andrew M. Cuomo has agreed settlements with JP Morgan Chase, Morgan Stanley, and Wachovia regarding their marketing and sale of auction-rate securities.
The settlement will see the three banks buy back their auction-rate securities from charities, small to mid-size businesses, and retail customers, to the tune of $3 billion for JP Morgan, $4.5 billion for Morgan Stanley, and $8.5 billion for Wachovia. The financial institutions will also pay fines to the North American Securities Administrators Association of between $25 million and $50 million.
Published on Aug-19-08
The settlement will see the three banks buy back their auction-rate securities from charities, small to mid-size businesses, and retail customers, to the tune of $3 billion for JP Morgan, $4.5 billion for Morgan Stanley, and $8.5 billion for Wachovia. The financial institutions will also pay fines to the North American Securities Administrators Association of between $25 million and $50 million.
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