Credit Suisse Faces More Possible Damages In ARS Case

Law360, New York (May 11, 2011, 6:21 PM EDT) -- A New York federal judge opened the door Wednesday for STMicroelectronics NV to seek additional damages from Credit Suisse Securities (USA) LLC beyond the $431 million it already won in contract arbitration over auction rate securities.

U.S. District Judge Raymond J. Dearie said the court had not settled the issue of whether STMicroelectronics deserved additional compensation for Credit Suisse’s decision to purchase risky ARS rather than the federally guaranteed student loan securities specifically authorized by STMicroelectronics.

“ST apparently seeks more, including, for example ‘substantial finance fees’...
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