Ashland ARS Suit Against Oppenheimer Thrown Out

Law360, New York (February 23, 2010, 3:46 PM EST) -- A federal judge has pulled the plug on Ashland Inc.'s suit alleging Oppenheimer & Co. misled it about the nature and risk of auction rate securities and then left the firm hanging with nearly $200 million in ARS after the bottom fell out of the market in 2008.

Judge Jennifer B. Coffman of the U.S. District Court for the Eastern District of Kentucky on Monday granted Oppenheimer's motion to dismiss the chemical and Valvoline-brand oil maker's claims of fraud, promissory estoppel and negligent misrepresentation.

Ashland's allegations...
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