Law360, New York (July 30, 2009) -- The February 2008 meltdown in the market for auction rate securities left thousands of investors unable to sell their holdings. State and federal regulators moved quickly against underwriting banks and ARS market makers such as Goldman Sachs, UBS and JP Morgan Chase to secure liquidity and relief for some, but not all, investors.
On July 20, 2009, the SEC demonstrated a new front in its campaign against sellers of ARS, announcing its first major settlement with a “downstream” distributor of ARS, TD Ameritrade....
