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Mayer Brown | USA | 3 Jan 2011

Auction rate securities (ARS) fraud claim against Merrill Lynch dismissed for failure to allege causation adequately

In early December 2010, Judge Preska of the Southern District Court of New York dismissed federal claims against Merrill Lynch and other related parties based on the plaintiffs' failure to adequately plead that alleged misstatements and manipulative conduct proximately caused plaintiffs' losses.

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