CHICAGO — Raymond James & Associates Inc. has agreed to repurchase $31.2 million of auction-rate securities from Indiana investors affected by the failure of the auction-rate market in 2008, Indiana Secretary of State Charles White announced Wednesday.

The agreement is part of a multi-state settlement with the St. Petersburg, Fla.-based firm. Indiana was among several states that joined together to investigate and pursue settlements with various investment firms since the collapse of the auction-rate market in February 2008.

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