Ashland Takes Morgan Stanley ARS Case To 2nd Circ.

Law360, New York (April 22, 2010, 2:55 PM EDT) -- Ashland Inc., the maker of Valvoline motor oil, has appealed the dismissal of its securities fraud case accusing Morgan Stanley of leaving it with $66.3 million in illiquid auction rate securities after misrepresenting the nature and stability of the ARS market.

Ashland and affiliate AshThree LLC, which is now in possession of the securities, lodged a notice of appeal Wednesday that will move the case from the U.S. District Court for the Southern District of New York to the U.S. Court of Appeals for the Second...
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