2nd Circ. Lets Merrill, Moody's Off The Hook In ARS Action

Law360, New York (August 14, 2012, 4:48 PM EDT) -- The Second Circuit on Tuesday upheld a New York federal court's dismissal of a putative class action filed by The Anschutz Corp. accusing Merrill Lynch & Co. Inc. and credit rating agencies, including Moody's Investors Service Inc., of misleading investors in the sale of risky auction rate securities.

In reaching its conclusion, a three-judge panel relied heavily on a decision it issued in 2011 in a similar suit, Wilson v. Merrill Lynch, despite The Anschutz Corp.'s protests that its case varied in several ways from Wilson....
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