* Oppenheimer to redeem auction-rate securities
* Will redeem 85 pct of customer accounts in state
BOSTON Feb 24 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)