Baker Hughes Sues Deutsche Bank, BNY Mellon Over ARS

Law360, New York (August 3, 2011, 2:45 PM EDT) -- Baker Hughes Inc. sued Deutsche Bank AG and BNY Mellon Capital Markets LLC in Texas state court Tuesday, alleging they sold the oil field services company $35.6 million in auction rate securities that lost their value when the $330 billion market imploded.

The suit comes a day after BNY Mellon won dismissal of a $41.2 million arbitration dispute before the Financial Industry Regulatory Authority over allegedly false statements it made to Baker Hughes in pitching the ARS.

According to the complaint, which also names Deutsche Bank...
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