Merrill, Goldman, Deutsche in Auction-Rate Deal

Big banks agree to pay millions in fines and refund money to investors who bought the risky securities NEW YORK Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank on Thursday joined other major financial companies in settling with regulators over their roles in selling risky auction-rate securities to retail investors. The agreements brings to eight the number of global banks that have settled the five-month probe into claims they misled customers into believing the investments were safe. New York Attorney General Andrew Cuomo, leading the investigation on behalf of state and federal authorities, has now reached deals to buy back more than $50 billion worth of auction-rate securities. Cuomo said Thursday he is far from finished in examining both large and small players in the market, and said the investigation... [read full story]