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FINRA settled with Fifth Third, others ARS

 

Friday, Sep 04,2009, 9:19:02 AM   Click:

SAN FRANCISCO (MarketWatch) -- The Financial Industry Regulatory Authority said Wednesday that it settled charges over the sale of auction-rate securities against Fifth Third Bancorp's (fitb) securities unit, Northwestern Mutual Investment Services LLC, and City Securities Corp. FINRA said the firms did not adequately disclose the risk of the securities that became illiquid in February 2008. Fifth Third was fined $150,000 and agreed to buy back $11.9 million in auction rate securities. Northwestern was fined $200,000 and agreed to buy back $103 million in securities and City Securities was fined $250,000 with an agreement to buy back $13.1 million in securities.

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