Securities repurchased by Wachovia

In the course of a wide-ranging investigation by the New York Attorney General and other state regulators into the collapse of the market Wachovia Corp. made a decision to buy back $8.5 billion in auction-rate securities.

Besides, $50 million will be paid out in fines by The Charlotte bank, N.C. and distributed among the states.

Earlier four banks including Citigroup Inc., UBS AG, JPMorgan Chase & Co. and Morgan Stanley already repurchased their securities. Thus Wachovia is the fifth bank to have settled with New York Attorney General.

The securities market collapsed in February amid deterioration in the broader credit markets.