CHICAGO - Michigan regulators said they are in early talks with Comerica Securities over investors' losses in the auction-rate securities market, part of the ongoing multi-state probe into broker-dealers' ARS sales practices.

Michigan Attorney General Michael Cox Tuesday sent a letter to Comerica's Detroit-based senior vice president and chief executive officer Ross Rogers as the state's first step in recovering losses for Michigan investors who purchased auction-rate securities from the firm, said Cox spokesman Rusty Hills. Cox has been investigating ARS investment losses since May.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.