Boatmen's Bancshares is preparing to reimburse at least 100 brokerage customers for losses on mutual funds purchased through its Arkansas investment subsidiary, a state securities regulator confirmed.

The settlement, arising from findings that two brokers systematically misled customers about investment risks, is part of a consent order being hammered out between Boatmen's and the Arkansas Securities Department, according to Bruce Bokony, the agency's chief counsel.

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