2nd Circ. Kills Antitrust Suit Over Banks' ARS Exodus

Law360, New York (March 5, 2013, 2:07 PM EST) -- The Second Circuit ruled Tuesday that a class of auction-rate securities investors cannot bring antitrust claims against UBS AG and other top banks that simultaneously left the $330 billion market before the financial crisis, finding the move was a legitimate business decision.

A three-judge panel affirmed a New York federal judge’s January 2011 decision to toss a pair of class actions that claimed a host of banks, including UBS, Bank of America Corp. and Goldman Sachs Group Inc., decided in 2008 to abandon the ARS market...
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