NEW YORK, Oct 8 (Reuters) - The Royal Bank of Canada will return more than
$850 million to investors to settle allegations that it made misrepresentations
in its marketing and sales of auction-rate securities, New York Attorney General
Andrew Cuomo announced on Wednesday.
He said in a statement that the bank will pay a penalty of $9.8 million
in addition to buying back the risky securities from retail investors who sold
them at a discount when the market failed in February.
(Reporting by Grant McCool, editing by Maureen Bavdek) Keywords: AUCTIONRATE
SETTLEMENTS/CANADA
Varghese Joseph
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