On October 12th, the First Circuit held that an institutional investor in auction rate securities was not entitled to a preliminary injunction rescinding its ARS investment. The investor alleged that the broker who sold the ARS committed securities fraud when it falsely told the investor that the ARS were liquid money market investments. The First Circuit held that because the investor failed to prove irreparable harm, it was not entitled to the preliminary injunction. The Court dismissed for lack of appellate jurisdiction the investor's appeal of the trial court's order requiring arbitration. Braintree Laboratories, Inc. v. Citigroup Global Markets Inc.