Credit Suisse Securities LLC reached an agreement in principle with state securities regulators to buy back at par $550 million of auction-rate securities from retail investors and pay a $15 million fine to the states.

The North American Securities Administrators Association announced the settlement yesterday along with the securities division of the North Carolina Department of the Secretary of State, which took the lead on the investigation of Credit Suisse on behalf of NASAA's 12-state coalition probing broker-dealers over questionable ARS sales practices.

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