reportonbusiness.com: notSet

Posted AT 6:10 PM EST on 21/08/08

Big banks settle with regulators

JOE BEL BRUNO

The Associated Press and Reuters

NEW YORK — Regulators have reached settlements with Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank AG over their roles in selling risky auction-rate securities to investors, New York Attorney General Andrew Cuomo said Thursday. Under the agreement, Mr. Cuomo said, Merrill Lynch will buy back roughly $10-billion (U.S.) to $12-billion of the investments from investors by Jan. 2 and pay a fine of $125-million.

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