At Fidelity, the buyback agreements are the first for a "downstream" brokerage, that is, one that did not underwrite ARS but sold them to clients. Cuomo said in a statement that he applauds Fidelity's agreement and hopes that the firm "will serve as an example to other broker/dealers." Brian McNiff, a spokesman for Galvin, said the secretary had received an offer from Fidelity, which Galvin accepted, to buy back ARS at par during a 90 day-window from retail investors. The settlement agreement does not include a fine, McNiff said. A Fidelity spokesperson could not be reached for comment. The firm previously said its website has disclosed since September 2006 that failed auctions are a risk associated with ARS and that only a small number of Fidelity retail customers own ARS. The retail firms had argued that they were unaware of the market's troubles before the auctions failed in February.