Cellular South Sues JP Morgan Over ARS Fraud

Law360, New York (February 5, 2010, 4:05 PM EST) -- Mobile communications company Cellular South Inc. has slapped J.P. Morgan Securities Inc. with a lawsuit accusing the financial services giant of manipulating the market for auction rate securities so that it could reap hundreds of millions of dollars in fees.

Cellular South filed its complaint on Thursday in the U.S. District Court for the Southern District of Mississippi, claiming that J.P. Morgan Securities ran afoul of the Securities Exchange Act of 1934, as well as Mississippi state law.

J.P. Morgan sold ARS to Cellular South for...
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