Valvoline Maker Lodges ARS Suit Against Oppenheimer

Law360, New York (April 17, 2009, 12:00 AM EDT) -- Ashland Inc., the maker of Valvoline motor oil, has sued Oppenheimer & Co., alleging the investment firm left the chemical company with $194 million of illiquid auction rate securities after lying about the nature of ARS and the stability of the ARS market.

In a complaint filed Thursday in the U.S. District Court for the Eastern District of Kentucky, the Covington, Ky.-based Ashland claims Oppenheimer violated federal and state securities laws by selling Ashland ARS and persuading the chemical maker to hold and continue purchasing the...
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