NY's ARS Suit Against Charles Schwab 'Inconsistent': Atty

Law360, New York (September 20, 2011, 4:59 PM EDT) -- A Charles Schwab & Co. Inc. attorney told a New York state judge Tuesday that prosecutors' allegations weren't specific or consistent enough to show that the company didn't warn customers about the inherent risks of ultimately doomed auction rate securities.

The complaint that New York's attorney general filed against Charles Schwab doesn't allege any specific instance in which it told customers that the ARS could be easily resold after the market began to unravel in late 2007, ending the securities' 20-year track record of stability, said...
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