FINRA Orders Credit Suisse To Pay $9.8M For ARS Fraud

Law360, New York (June 1, 2010, 5:35 PM EDT) -- A Financial Industry Regulatory Authority arbitration panel has ordered Credit Suisse Securities (USA) LLC to pay nearly $9.8 million to Catalyst Health Solutions Inc. in its suit accusing Credit Suisse of fraud and negligence in connection with the purchase of auction rate securities backed by student loans.

The panel, which issued the award Thursday, declined to levy $25 million in punitive damages as requested by Catalyst, which provides pharmacy benefit management services. But Susan Podolsky, an attorney for Catalyst, said she was thrilled with the award....
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