Three securities firms have agreed to buy back roughly $128 million of auction-rate securities and pay fines totaling $600,000 in final settlements with the Financial Industry Regulatory Authority, though one firm official said the settlement process was "completely unfair."

Milwaukee-based Northwestern Mutual Investment services LLC agreed to buy back $103 million of ARS and pay $200,000. Indianapolis-based City Securities Corp. will buy back $13.1 million and pay $250,000, and Cincinnati-based Fifth Third Securities Inc. will buy back $11.9 million and pay $150,000.

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