It looks like investors who bought auction-rate securities before that market froze in February are no longer flat out of luck.

A multitude of settlements, spearheaded by state regulators, plus some individual company decisions have resulted in plans to buy back almost $37 billion of these securities.

Florida's regulators were crowing over the good news Tuesday, while brokers were telling the trade publication Investment News that they were relieved.

Auction-rate securities were long-term securities whose rates are reset at regular auctions, sometimes weekly. As the credit-crunch that began last summer spread, buyers didn't show up for the auctions anymore. Investors who thought they had purchased something like a money-market fund found themselves unable to cash out.

But it's not entirely over.

Although Citigroup, Merrill and UBS have said they'll buy the securities back for individual investor accounts, the probes continue. This week, St. Petersburg-based Raymond James Financial said it is under investigation by the SEC and the New York attorney general over $1.3 billion in auction rate securities that its brokers had sold.

I can't tell you exactly how to apply for part of the settlement money. That procedure has not been laid out yet.

For more information, look here: http://www.flofr.com/securities/ars.htm