2nd Circ. Won't Revive Iconix Claims Over Merrill ARS

Law360, New York (December 10, 2012, 3:55 PM EST) -- The Second Circuit on Monday upheld the dismissal of claims from multidistrict litigation that alleged Merrill Lynch & Co. Inc. duped a clothing brand licenser into buying $13 million worth of worthless auction-rate securities, finding the licenser's argument on appeal should have been first raised in the lower court.

In a summary order, a three-judge panel for the appeals court held that Iconix Brand Inc.’s contention that the district court judge erred by failing to consider its allegations that Merrill misrepresented the collateral for the ARS...
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