Bank of America Corp. said Friday that it is prepared to settle investigations by federal and state authorities into the sales of auction-rate securities.
Shirley Norton, a B of A spokeswoman, said in an e-mail that the $1.74 trillion-asset Charlotte company is "ready and willing" to reach an agreement with regulators that is similar to those made with other financial services companies, and that efforts to do so have gone on for a month.
"We understood that we had reached such an agreement in principle nearly two weeks ago," she said.
The list of banking companies that have already reached settlements includes Wachovia Corp., Citigroup Inc., and JPMorgan Chase & Co.
At least eight financial services companies have agreed to preliminary settlements to redeem more than $70 billion of securities, according to data compiled by Green Drake Capital Corp.'s Restricted Stock Partners.
B of A made its announcement a day after Bloomberg News, citing to a person familiar with the matter, reported that New York Attorney General Andrew Cuomo had subpoenaed eight company executives in connection with the investigation.