Blog
SEC Finalizes ARS Settlements With Bank of America, RBC and Deutsche Bank, Providing Over $6 Billion in Liquidity to Investors
June 3, 2009
The Securities and Exchange Commission announced that it has filed complaints in the United States District Court for the Southern District of New York against Banc of America Securities LLC and Banc of America Investment Services, Inc. (collectively, Bank of America), RBC Capital Markets Corporation (RBC), and Deutsche Bank Securities Inc. (Deutsche Bank) alleging that […]
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Colorado Settles ARS Dispute With Wachovia
May 9, 2009
Colorado settled with Wachovia Securities, which is changing its name to Wells Fargo Advisors this month, regarding its sale of auction-rate securities, the state’s securities commissioner announced. St. Louis-based Wachovia, formerly A.G. Edwards & Sons Inc., agreed to buy back $157 million of auction-rate securities from Colorado investors by June 30, Commissioner Fred Joseph said […]
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FINRA Settles ARS Complaint With Four Firms
May 8, 2009
The Financial Industry Regulatory Authority (FINRA) announced today that it has entered into final settlements with four additional firms to settle charges relating to the sale of Auction Rate Securities (ARS) that became illiquid when auctions froze in February 2008. To date, FINRA has concluded final settlements with nine firms, imposing a total of $2.6 […]
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Maker of Valvoline Motor Oil takes Legal Action against Oppenheimer for the Sale of Auction-Rate Securities
April 30, 2009
Ashland Chemical Company, Inc., the maker of Valvoline motor oil, filed a lawsuit against Oppenheimer & Co., in 2009 for the sale of nearly $194 million worth of auction rate securities during 2007 and early 2008. According to the complaint by Ashland Inc., Oppenheimer misrepresented the risks and liquidity related to the securities When the […]
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Citigroup receives Claim from Braintree Laboratories for Sale of Auction-Rate Securities
April 24, 2009
The backlash from institutional investors over auction-rate securities ARS) is causing a world of problems for financial giant Citigroup. Braintree Laboratories, a large Pharmaceutical manufacturer is suing the bank for selling more than $33 million worth of auction-rate securities. Braintree is disputing the sale, which occurred in 2008, and alleging that is was orchestrated at […]
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