Investor Seeks $30M From Merrill Lynch Over ARS

Law360, New York (January 5, 2009, 12:00 AM EST) -- Merrill Lynch & Co. Inc. is facing another lawsuit from an institutional investor in the wake of the collapse of the auction rate securities market early last year, this time from a bank in Kentucky seeking up to $29.7 million in damages.

Community Trust Bank Inc. of Pikeville, Ky., alleged in a suit filed in the U.S. District Court for the Eastern District of Kentucky on Dec. 31 that Merrill Lynch provided false and misleading information about the safety and security of auction rate securities....
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