Deutsche Bank, Fitch, S&P Can't Escape ARS Suit

Law360, New York (March 29, 2011, 4:30 PM EDT) -- A California federal judge said Sunday that Deutsche Bank Securities Inc., Fitch Inc., and McGraw-Hill Cos. Inc.'s Standard & Poor's can't escape allegations by the company controlled by billionaire Phil Anschutz that they propped up the auction rate securities market.

Anschutz Corp. brought sufficient allegations of manipulative conduct, justifiable reliance and scienter against Deutsche Bank to survive the pleading stage, but its accusations of material omission weren't enough to go on, Judge Susan Illston of the U.S. District Court for the Northern District of California ruled....
To view the full article, register now.