Morgan Stanley Wriggles Out Of Suit Over $66M In ARS

Law360, New York (March 31, 2010, 6:42 PM EDT) -- A federal judge has tossed a securities fraud case brought by Ashland Inc., the maker of Valvoline motor oil, that accused Morgan Stanley of leaving it with $66.3 million in illiquid auction rate securities after misrepresenting the nature and stability of the ARS market.

Judge Robert P. Patterson Jr. of the U.S. District Court for the Southern District of New York ruled Tuesday that Ashland and affiliate AshThree LLC, which is now in possession of the securities, failed to state a claim upon which relief could...
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