WASHINGTON AP – Bank of America Corp. said Friday it is ready to settle federal and state investigations into sales of risky auction-rate securities, joining eight other big investment banks that have agreed to buy back a total of more than $50 billion of the securities.
Charlotte, N.C.-based Bank of America, the second-largest U.S. bank by assets, said it has been in negotiations for nearly a month with the Securities and Exchange Commission and authorities in New York and Massachusetts on a possible settlement to buy back the bond-like securities from investors.
