Raymond James Financial announced Wednesday that it has reached a settlement with the Securities and Exchange Commission (SEC) and state regulators under which it will buy back about $300 million of illiquid auction-rate securities from retail customers.

The St. Petersburg, Fla.-based firm is one of the last ARS broker-dealers to reach a settlement agreement, resisting a buyback for years while other broker-dealer firms made amends with their ARS customers. In addition to settling with the SEC, the firm said it also had reached in-principle settlements with the North American Securities Administrators Association, the Florida Office of Financial Regulation and the Texas State Securities Board.

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