WASHINGTON - The Regional Bond Dealers Association is pushing state and federal regulators to force the major banks and broker-dealers that underwrote auction-rate securities to provide relief to all investors who purchased ARS, not just the investors that were their customers.

RBDA believes that the settlements reached recently with a handful of Wall Street and other firms are faulty because they exclude investors who purchased the securities through secondary regional firms that merely distributed the ARS and had no advance knowledge that the ARS market was going to collapse.

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