Northern Trust Escapes Investor's ARS Action

Law360, New York (August 10, 2009, 7:11 PM EDT) -- Northern Trust Securities Inc. has won the dismissal of a putative class action accusing the financial holding company of failing to alert investors of the risks associated with auction rate securities.

Judge Victor Marrero of the U.S. District Court for the Southern District of New York, granted NTS’ motion to dismiss the suit Thursday, rejecting claims from Aimis Art Corp. that the financial services firm misrepresented ARS as being safe, highly liquid investments.

The judge dismissed the case for failure to state recoverable damages because Aimis...
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