City National Securities, BNY Mellon Capital Markets LLC, and Harris Investor Services Inc. have agreed to repurchase a total of more than $60 million of illiquid auction-rate securities and pay $715,000 in fines to settle charges over alleged abusive ARS sales practices, the Financial Industry Regulatory Authority announced yesterday.

The FINRA settlements-in-principle with the firms - none of which were among the top 20 underwriters of ARS, according to Thomson Reuters -are the latest in a series of federal and state regulator agreements with banks and broker-dealers over charges they sold ARS as cash-like and safe investments just before the market collapsed in February and investors were left holding the securities.

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