TITLE

Hard Times for Auction Rate Securities

AUTHOR(S)
Kentouris, Chris
PUB. DATE
March 2008
SOURCE
Securities Industry News;3/31/2008, Vol. 20 Issue 13, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the lawsuits filed by clients against Merrill Lynch & Co., Morgan Stanley and Citigroup in separate actions. It is stated that the lawsuits are part of a series of legal maneuverings and fingerpointing by disgruntled investors who purchased auction rate securities (ARS). According to investors, the firms misrepresented the risk of ARS and that the should be compensated for losses incurred when auctions they promoted failed.
ACCESSION #
31567225

 

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