NationsBank Corp.'s brokerage subsidiary has settled charges brought by Texas regulators that it misled customers about the risks of two closed-end mutual funds it sold.

As part of a consent agreement announced Friday, the Texas State Securities Board scrapped efforts to revoke NationsSecurities' broker- dealer license.

For its part, NationsSecurities agreed to offer some customers the chance to unwind their investments, undergo a comprehensive compliance review, give the securities board detailed reports on its compliance efforts for two years, and contribute $275,000 to an investor education project overseen by the securities board.

The brokerage neither admitted nor denied wrongdoing in settling the matter, which has been pending since March.

"With these regulatory issues behind us, we can concentrate fully on our customers and their financial well-being," said John W. Munce, a NationsBank executive responsible for consumer investing.

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