Merrill Shakes Some Claims Over $237M ARS Bonds

Law360, New York (December 1, 2010, 2:24 PM EST) -- The federal judge overseeing multidistrict litigation over Merrill Lynch & Co. Inc.’s auction rate securities marketing has tossed the majority of a bond issuer’s suit but let state law claims for fraud and breach of fiduciary duty stand.

On Tuesday, Judge Loretta Preska of the U.S. District Court for the Southern District of New York dismissed the federal claims for market manipulation and misstatement, concluding that the Louisiana Stadium and Exposition District cannot show that Merrill’s patchy disclosures caused losses tied to the issuance of $237...
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