Anschutz Sues Banks, Raters Over $59M In ARS

Law360, New York (August 21, 2009, 1:22 PM EDT) -- The company controlled by billionaire Phil Anschutz has sued Merrill Lynch & Co. Inc., Deutsche Bank Securities Inc. and several rating agencies, claiming it is saddled with $59 million in auction rate securities due to the defendants' misrepresentations.

The suit, filed Monday in the U.S. District Court for the Northern District of California by The Anschutz Corp., accuses Merrill Lynch and Deutsche Bank of underwriting the $58.95 million in ARS it purchased through an agent in 2006 and 2007.

The suit also says ratings agencies Moody's...
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