Two recent opinions from separate federal courts of appeal upheld the dismissal of lawsuits by sophisticated investors that suffered losses in the auction rate securities ("ARS") market against the securities broker-dealers that allegedly fraudulently induced the purchase of the ARS.1
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USA, Capital Markets, Insolvency & Restructuring, Litigation, Duane Morris LLP, Security (finance), Fraud, Market liquidity, Limited liability company, Misrepresentation, Due diligence, Broker-dealer, Underwriting, Securities fraud, US Securities and Exchange Commission, Securities Exchange Act 1934 (USA), Second Circuit, Sixth Circuit, Circuit court
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