Topeka ? Kansas has received a total of $5 million from multistate settlements with four investment companies.

Kansas Securities Commissioner Chris Biggs says Banc of America Securities made the largest single payment, at more than $2.8 million.

The state also received $960,000 from Merrill Lynch, $633,000 from Wachovia Securities and $600,000 from Citigroup Global Markets.

The settlements arose from investigations into auction-rate securities. Those are long-term securities, such as municipal bonds, with interest rates that vary based on regular auctions.

A national regulatory group questioned whether investment firms misled investors about the risks of such securities. Settlements with the firms were reached last year.