Schwab ARS Fraud Claims Too Thin To Continue: Judge

Law360, New York (October 31, 2011, 6:32 PM EDT) -- A New York state court has thrown out the New York attorney general's lawsuit against Charles Schwab & Co. Inc. over auction rate securities, finding the complaint failed to adequately state any fraud claims, according to an order released Monday.

Justice O. Peter Sherwood said in his order that the complaint, filed by then-Attorney General Andrew Cuomo in 2009, did not provide any facts to support its allegations that the statements Charles Schwab used to lure investors into purchasing its ARS contained any falsities.

He added...
To view the full article, register now.