Montana investors will receive more than $14 million as part of settlements Wachovia Securities LLC and Wachovia Capital Markets LLC agreed to in connection with investigations into the firms’ marketing of auction-rate securities.

The settlement calls for Montana investors to receive $14,033,000 to fully restore losses and liquidity from investments made in ARS through Wachovia, and for Wachovia to pay a $148,811.54 fine deposited into the state’s general fund, Montana auditor Monica Lindeen said Wednesday.

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