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Teva Sues Merrill Over ARS Gone Bad

Law360, New York (August 06, 2009) -- Teva Pharmaceutical Industries Ltd. has initiated litigation alleging that it suffered “staggering losses” after purchasing about $273 million in auction rate securities that were underwritten by Merrill Lynch & Co. Inc.

According to a complaint filed Wednesday in the U.S. District Court for the Southern District of New York, Merrill Lynch made material omissions about the nature and characteristics of the...

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