Law360, New York (April 17, 2009, 12:00 AM ET) -- 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...
Valvoline Maker Lodges ARS Suit Against Oppenheimer
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