Raymond James Dodges $1.9B ARS Suit, For Now

Law360, New York (September 21, 2009, 7:11 PM EDT) -- A federal judge has dismissed a putative class action against Raymond James Financial Inc. and several subsidiaries, saying the plaintiffs — investors who said the brokerage firm defrauded them of $1.9 billion by misrepresenting the liquidity of auction rate securities — failed to connect statements made by individual financial advisers with the actions or intentions of the named defendants.

Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York granted Raymond James' motion to dismiss Sept. 17, ruling that the complaint...
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