Deutsche, Fitch Settle Anschutz Suit Over ARS Manipulation
Law360, New York (July 5, 2012, 8:32 PM EDT) -- A California federal judge on Thursday signed off on a settlement between the holding company controlled by billionaire Phil Anschutz and Deutsche Bank Securities Inc. and Fitch Ratings Ltd., ending The Anschutz Corp.'s claims over their alleged manipulation of the auction-rate securities market.
U.S. District Judge Susan Illston dismissed with prejudice the claims against Deutsche Bank and Fitch by The Anschutz Corp., which had purchased nearly $59 million in auction-rate securities between 2006 and 2007. The company had claimed that Deutsche Bank propped up the market for the auction-rate securities, which were rated by agencies including Fitch, through the manipulation of...
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