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Investors Target Merrill Over Auction Rate Securities

Law360 (March 28, 2008, 12:00 AM EDT) -- Investors have struck again in the aftermath of the auction rate securities market crash, this time setting their lawyers on Wall Street giant Merrill Lynch & Co. Inc.

A federal class action was filed against Merrill in the U.S. District Court for the Southern District of New York on Tuesday, alleging the bank misrepresented the ill-fated bonds as a highly liquid and safe investment vehicle.

The lawsuit, on behalf of investors who bought the securities from Merrill between March 2003 and February 2008, is one of...
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