UPDATE 1-Mass., Oppenheimer settle on auction-rate debt

Wed Feb 24, 2010 1:45pm EST

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* Oppenheimer to redeem auction-rate securities

* Will redeem 85 pct of customer accounts in state

BOSTON Feb 24 (Reuters) - Massachusetts' securities regulator said on Wednesday that Oppenheimer & Co has agreed to redeem auction-rate securities sold in the state before that market locked up in February 2008.

The company, a unit of Toronto-based Oppenheimer Holdings Inc (OPY.N), will redeem the securities from 85 percent of Massachusetts customer accounts, Secretary of the Commonwealth William Galvin said in a statement.

The broker-dealer has agreed to restore $31 million to U.S. customers with illiquid auction-rate securities in their portfolios, New York State Attorney General Andrew Cuomo said on Tuesday. [ID:N23144797] (Reporting by Scott Malone)

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