John J. Clarke, Jr., a partner at DLA Piper, writes: In February 2008, the market for auction rate securities in the United States experienced significant disruption when many auctions failed. Widespread litigation ensued in which plaintiffs asserted claims under the federal securities laws against various market participants. Three years later, the district courts have spoken in a nearly uniform voice, dismissing most of those cases for failure to state a claim.
Most ARS Suits Tripped Up By Difficult Pleading Hurdles
New York Law Journal
March 31, 2011
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