BofA Dodges Calif. ARS Action

Law360, New York (February 24, 2011, 9:49 PM EST) -- A federal judge in California on Thursday dismissed a putative class action blaming Bank of America Corp. for investor losses incurred in the collapse of the auction rate securities market.

The investors did not allege enough facts to back their claims that BofA deliberately manipulated the ARS market, Judge Jeffrey S. White of the U.S. District Court for the Northern District of California ruled Thursday.

The judge ruled, though, that the investors, now on the fourth version of their complaint, will get one more chance to...
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