FINRA Panel Awards US Airways $30M In ARS Dispute

Law360, New York (February 1, 2013, 5:09 PM EST) -- A Financial Industry Regulatory Authority arbitration panel on Thursday awarded U.S. Airways Group Inc. $30 million in its dispute with Oppenheimer & Co. Inc. in which the airline sought to force the investment firm to buy back over $250 million in auction rate securities.

U.S. Airways filed the FINRA arbitration claim in 2009 against Oppenheimer and one of its former managing directors, Vincent Woo, accusing them of inappropriately investing the airline's funds in ARS, which soured in 2007, and not informing the company of the riskiness of the securities.

The $330 billion market for ARS went bust in mid-February 2008 amid...

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