Ky. Bank To Take Merrill Lynch ARS Suit To 2nd Circ.

Law360, New York (January 28, 2011, 2:45 PM EST) -- A Kentucky bank says it will appeal a federal judge's dismissal of its suit against Merrill Lynch & Co. Inc., part of a multidistrict litigation alleging the financial giant manipulated the auction rate securities market.

Judge Loretta Preska of the U.S. District Court for the Southern District of New York on Jan. 24 dismissed with prejudice both federal securities law and state law claims Community Trust Bank Inc. brought against Merrill Lynch, citing failure to state a claim.

Richard A. Getty, an attorney representing the bank,...
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