NEW YORK — The Financial Industry Regulatory Authority, or Finra, has reached agreements in principle with three securities firms to settle charges relating to the sale of auction-rate securities.

City National Securities of Beverly Hills, Calif.; BNY Mellon Capital Markets LLC of New York, a unit of Bank of New York Mellon Corp.; and Bank of Montreal's Harris Investor Services Inc. of Chicago signed agreements with the self-regulatory authority to offer to repurchase at par ARS that were purchased by individual investors and some institutions between May 31, 2006, and Feb. 28, 2008. A total of more than $60 million of ARS are eligible for repurchase. The firms have also agreed to compensate individual investors who sold ARS below par after Feb. 28, 2008.

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