WASHINGTON (CN) - Bank of America will return up to $4.7 billion to more than 5,500 investors who bought auction rate securities from it before the market collapsed this year, the SEC says.
And RBC Capital Markets will return up to $800 million to more than 2,000 investors for the same reason, the agency says.
The SEC said BofA and RBC have agreed to "preliminary settlement(s) in principle."
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