Galvin lands another investment settlement

[0:29] ..." Merrill's retail customers including nonprofits who had less than three million tie ups -- up to three minutes. After that. And up until January 15 2009. Merrill buy back -- par value. All -- under"...

[1:48] ..." Among those to go is that including Vancouver yes it is. Mayor Bloomberg Deutsche Bank. "...

[1:53] ..." We're not Deutsche Bank is not one that we are that this was so investigative part consortium of the states are our responsibilities were from barrel UBS. And Bank of America we also have some detail that we continuing interest in the of accomplishments. Such as were involved. But somewhat in the local"...

[0:00]" This is the on going problem many investors upon them on themselves out of lactose in them money's source report when these auctions failed. Oftentimes these financial instruments marketed we maintain as liquid that they were not -- to take people could not get easier access to -- money. There's been a typical -- or small businesses and individuals. They were announcing that Merrill has agreed to buy back all elected annually illiquid auction rate securities that -- value. From all Merrill's retail customers including nonprofits who had less than three million tie ups -- up to three minutes. After that. And up until January 15 2009. Merrill buy back -- par value. All -- under a hundred million. So we think this fall -- retail investors pretty much -- clean slate here. We're pleased about this one of the reasons were putting out even -- the fines fees and other details of yet to be resolved. Is that we know that Merrill have announced a voluntary by dark almost two weeks ago. Without that some investors might be confused you know some of them indeed happen. Desperate to get axes to them money we wanted to get this out there for us giving people access to him money was the most important thing. The lines of these and other conditions can wait to later any idea on the total worth of the civil union -- one is going to be -- ten billion dollar respect. In the first -- that the -- national figures in the first art you'll be two point one billion that is Tuesday. The amount of money held by investors under three million retail investors as two point one -- and the total amount of holdings that girl that sold out and did."

[1:42]" Now this is the latest in a long line of settlements have been you have your future occasions -- Among those to go is that including Vancouver yes it is. Mayor Bloomberg Deutsche Bank. "

[1:53]" We're not Deutsche Bank is not one that we are that this was so investigative part consortium of the states are our responsibilities were from barrel UBS. And Bank of America we also have some detail that we continuing interest in the of accomplishments. Such as were involved. But somewhat in the local -- case. We're also involved in some other matters as well put some of the secondary market people. We have expressed our concern to Fidelity about their customers they're caught up -- even -- they did not have a market makers position. -- you'd see them provide some assistance as well."