WASHINGTON — Texas Securities Commissioner Denise Voigt Crawford late Tuesday announced a final settlement with Banc of America Securities LLC and Banc of America Investment Services Inc., in which the firms agreed to pay $3.626 million for misleading retail investors about the lack of liquidity of auction-rate securities.

Under the settlements, the firms also agreed to complete the repurchase of any outstanding ARS from Texas investors. A total of $1.16 billion was once held by these investors. It is not clear how much of that has already been repurchased.

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