Cuomo's Schwab ARS Suit Sent Back To NY Court

Law360, New York (January 20, 2010, 2:31 PM EST) -- A federal judge has sent back to state court a suit New York Attorney General Andrew Cuomo brought against Charles Schwab & Co. accusing the investment firm of fraudulent and deceptive practices relating to the sale of auction rate securities.

U.S. District Judge Lawrence M. McKenna of the Southern District of New York on Tuesday remanded the action to the New York County Supreme Court.

The complaint seeks to force Schwab to buy back auction rate securities it sold, to disgorge all gains from the sales,...
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