The document outlines legal actions and settlements involving Merrill Lynch related to the sale of auction rate securities (ARS) and ARS collateralized debt obligations (CDOs). The Massachusetts Securities Division alleged violations of the Massachusetts Uniform Securities Act by Merrill Lynch in the sale of ARS CDOs to the city of Springfield, Massachusetts. Merrill Lynch agreed to buy back the ARS CDOs at par value and to cease and desist from further violations. Additionally, Merrill Lynch entered into consent orders with various state securities regulators to address allegations related to the marketing and sale of ARS to retail and other customers. The settlements included buybacks, civil penalties, and measures to provide liquidity to investors.
documents/EFTA01386108.pdf
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