RBC Faces Class Action Over Auction Rate Securities

Law360, New York (June 2, 2008, 12:00 AM EDT) -- Royal Bank of Canada has become the latest target of angry investors in the wake of the auction rate securities market collapse, having been hit with a putative class action alleging the firm played its clients for fools.

The securities suit, filed in the U.S. District Court for the Southern District of New York, accuses the bank of misleading plaintiffs into believing the ill-fated securities were akin to cash or money market funds and were safe for any short-term investors with as little as one week...
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