We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Texas Investors Sue Merrill Lynch Over $39M In ARS

Law360 (January 26, 2009, 12:00 AM EST) -- Investors in Texas have sued Merrill Lynch & Co. Inc. for selling them more than $38.7 million in auction rate securities and refusing to buy them back after the market collapsed in February.

The class action, filed on Friday in the U.S. District Court for the Southern District of Texas, alleges that Merrill Lynch, one of the largest ARS underwriters in the U.S., misled investors when it sold a subset of ARS called auction rate preferred stock to Texas-based firm Amgey Investments Inc., which then sold...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.