St. Louis financial services firm Stifel Nicolaus to accelerate buyback of securities

By AP
Monday, December 28, 2009

Stifel Nicolaus reaches settlement on investments

ST. LOUIS — Financial services firm Stifel Nicolaus & Co. has reached an agreement with Missouri and other states that will speed up the buyback of auction rate securities from individual investors.

Stifel and Missouri Secretary of State Robin Carnahan said Monday the St. Louis-based firm will return up to $41 million to investors by the end of 2010, with everyone to be paid in full by the end of 2011. Partial payments will be made as early as Jan. 15.

The settlement resolves lawsuits or other complaints by Missouri, Indiana and Colorado.

Stifel previously had set a deadline of 2012 to buy back all auction-rate securities held by its retail investors. The settlement ensures the buyback will be completed by December 2011.

YOUR VIEW POINT
NAME : (REQUIRED)
MAIL : (REQUIRED)
will not be displayed
WEBSITE : (OPTIONAL)
YOUR
COMMENT :