Mass sues Merrill over auction-rate securities sales

BOSTON (MarketWatch) — Massachusetts Secretary of the Commonwealth William
Galvin has filed a complaint against Merrill Lynch & Co. related to the sale of
auction-rate securities, the market for which blew up during the credit crunch.
Among other things, the complaint alleges Merrill co-opted its research
department “to assist in sales efforts geared towards reducing its inventory of
auction-rate securities.” Earlier this week, Massachusetts Attorney General
Martha Coakley’s office in a statement said Swiss bank UBS agreed to make a
payment to the state of $1 million related to the sale of auction-rate
securities. The settlement followed an earlier agreement in May between UBS and
Coakley’s office.

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