Cellular South Asks 2nd Circ. To Revive $26M ARS Suit
By Jonathan Randles
Law360, New York (February 21, 2013, 2:41 PM ET) -- Cellular South Inc. on Thursday urged the Second Circuit to revive a $26 million suit against Merrill Lynch & Co. Inc., saying the Bank of America Corp. unit hyped the liquidity of its auction rate securities to dump the troubled financial product on unsuspecting investors shortly before the market for them went bust in 2008.
A lower court didn't give proper consideration to Merrill Lynch's mistatements regarding the ease of selling off ARS investments while it was encouraging the Rigeland, Miss.-based cellphone service provider to buy...