Missouri Secretary of State Robin Carnahan announced on Thursday that the state has reached a finalized auction-rate securities settlement with two Bank of America subsidiaries and is continuing an investigation of ARS sales practices at Stifel Nicolaus & Co.

The settlement involves Bank of America Securities LLC and Bank of America Investment Services Inc., which completed a repurchase program for $400 million of ARS from Missouri investors earlier this year. Bank of America will also pay $1.4 million to the Missouri Investor Education and Protection Fund.

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.