Cuomo Targets 3 More Giants In ARS Probe

Law360, New York (August 11, 2008, 12:00 AM EDT) -- Fresh from last week’s multibillion-dollar settlements with Citigroup Inc. and UBS AG, New York Attorney General Andrew Cuomo has focused his investigation of auction rate securities brokers on JP Morgan Chase & Co., Morgan Stanley and Wachovia Corp.

Signaling a new phase in the investigation of fraudulent sales practices among players in the ARS market, Cuomo’s office sent letters to the legal officers of the three firms Monday urging their cooperation in the matter.

“It would be unfair to consumers with accounts at other firms, as...
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