As the Securities and Exchange Commission and state regulators Monday announced another settlement in their ongoing auction-rate securities probes, broker Charles Schwab fought back against related allegations brought by New York Attorney General Andrew Cuomo.

Schwab denied any wrongdoing in response to a letter sent by Cuomo's office last week notifying the brokerage that it faced fraud charges if it did not reach a settlement that provided retail investors of ARS with liquidity.

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