Cellular South Wants $26M Suit Against Merrill Lynch Revived

Law360, New York (November 1, 2012, 5:45 PM EDT) -- Cellular South Inc. on Wednesday pressed the Second Circuit to resurrect its $26 million securities fraud action against Merrill Lynch & Co. Inc., arguing the district court dismissed the action without considering misstatements made by Merrill Lynch before Cellular South bought the auction rate securities at issue.

The Ridgeland, Miss.-based cellular provider claims the lower court, which cut Cellular South’s fraud action from wider multidistrict litigation in August, committed reversible error by scuttling the federal and state securities claims, as well as common law claims, without...
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