Bank of America To Return $4.7B to Investors

WASHINGTON (CN) - Bank of America will return up to $4.7 billion to more than 5,500 investors who bought auction rate securities from it before the market collapsed this year, the SEC says.

And RBC Capital Markets will return up to $800 million to more than 2,000 investors for the same reason, the agency says.

The SEC said BofA and RBC have agreed to "preliminary settlement(s) in principle."