2nd Circ. Questions ARS Harm In Butler Appeal

Law360, New York (December 7, 2010, 2:06 PM EST) -- Federal appeals court judges on Tuesday questioned the harm caused by auction rate securities sold by a former Credit Suisse Group AG broker who is seeking the reversal of a fraud conviction for allegedly misleading investors in the company's sale of $1.2 billion of the products.

Assistant U.S. Attorney John Nowak withstood a barrage of queries, primarily from Judge Barrington D. Parker, in the U.S. Court of Appeals for the Second Circuit about whether it mattered if victims received purportedly safer student loan-backed auction rate securities...
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