Wachovia Corp. will buy back more than $8.5 billion of auction-rate securities as part of an agreement to end investigations by state regulators into the marketing of the complex securities.

New York Attorney General Andrew Cuomo said Friday that the Charlotte company's Wachovia Securities LLC and Wachovia Capital Markets LLC will pay $50 million in civil penalties, which will be divided between New York and members of the North American Securities Administrators Association.

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