Broad Settlement On Auction-Rate Securities ‘Imminent’ -CNBC

DOW JONES NEWSWIRES

A “global” settlement with Wall Street investment banks that sold auction-rate
securities to customers who may have been misled about the bonds is “imminent”
and could be announced as early as Wednesday, CNBC’s Charlie Gasparino reported,
citing sources familiar with the matter. The settlement would involve the New
York State Attorney General’s Office, the Securities and Exchange Commission and
other major regulators, according to Gasparino. Banks to be covered by the pact
include JP Morgan Chase & Co. (JPM), Morgan Stanley (MS),and Merrill Lynch & Co.
(MER). Its terms - including fines and payment to individual investors at par
value - would match those of individual settlements recently signed with
Citigroup Inc. (C) and UBS AG (UBS).

Web site: www.cnbc.com

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