Monday, November 9, 2009
In a blog yesterday on ARS arbitrations, I remarked that my impression was that purchasers of auction rate securities were not faring well in claims for damages resulting from the freezing of the credit markets in early 2008. Today Investment News has an article that provides some support for this. It reports that both Smith Barney and Raymond James have prevailed in major arbitrations involving both institutional and retail investors. Smith Barney won against a $118.7 million claim brought by Banco Industrial De Venezuela. InvNews, Smith Barney, Raymond James victorious in auction rate cases.