Firm Files FINRA Suit Over Auction-Rate Securities

Law360, New York (May 8, 2008, 12:00 AM EDT) -- The fate of more than $7.9 million in Banc of America Investment Services Inc. frozen auction-rate securities lies in the hands of an arbitration panel, now that one law firm has filed a lawsuit with the Financial Industry Regulatory Authority's Office of Dispute Resolution.

The suit, filed on Wednesday by law firm Klayman & Toskes on behalf of an unnamed claimant, accuses Banc of America of rescission, misrepresentations and omissions, breach of fiduciary duty, breach of contract, fraud, constructive fraud, negligence and violation of state and...
To view the full article, register now.