Fidelity will buy back $300 million worth of auction-rate securities from its brokerage customers, according to the Associated Press, citing an individual close to the talks. In so doing, it will settle an investigation by New York Attorney General Andrew Cuomo, and the announcement could possibly be made this afternoon.

 

In his ongoing investigation into how auction-rate securities may have been improperly sold, Cuomo has so far reached deals with eight investment banks, which have agreed to repurchase $50 billion worth of auction-rate securities.

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