Charlip Law Group, LC, Leaders in Auction Rate Securities Recovery

CORPORATE INVESTORS: ACT NOW ON YOUR ARS CLAIM!

Earlier this year, state attorney general offices began receiving hundreds of complaints from Main Street investors alleging that several Wall Street firms had misled them by falsely assuring that investments in auction rate securities were as safe and liquid as cash.

The widespread marketing of auction rate securities as cash equivalents, followed by the collapse of the ARS auction market in February, left thousands of investors without access to their money.  Individuals, small businesses, and institutional investors have all suffered financial hardship, ranging from the inability to close on home purchases to shortfalls in payroll.

As investor complaints to states increased, the North American Securities Administrators Association announced in April the formation of a multi-state Task Force, comprised of securities regulators in 12 states, to investigate whether the nation's prominent Wall Street firms had systematically misled investors when placing them in auction rate securities.

Since that time, actions by private parties for rescission and return of their investments as well as for consequential damages for money lost due to the illiquidity of the investment have been increasing and have yielded favorable results for the injured investors. Some recent examples are that on April 1, 2009, Texas Instruments filed an Original Petition in Texas (Dallas County) District Court against Citigroup Capital Markets, BNY Capital Markets and Morgan Stanley, in connection with the company's purchase of $524 million of auction rate securities backed by student loans. In a lawsuit against an auction rate securities buyer, on March 31, 2009, PIMCO mutual fund investors filed a securities class action lawsuit in the Central District of New York against the funds' investment manager and the funds' sub-advisor, certain of the managers' directors and officers. The PIMCO mutual fund lawsuit is similar to recent lawsuits filed against Perrigo Company and NextWave Wireless, where auction rate securities buyers are sued by their own investors for their being placed in those securities. These lawsuits are a variation from the more typical auction rate securities lawsuits, where the auction rate securities buyers sue the broker-dealers or others who had sold them the instruments.

If you have already received a return of your investment from your bank or brokerage you may still be able to seek consequential damages. Depending on the nature of your refund you may be able to recover damages for the money you lost due to the illiquidity of the investment you entrusted with your bank or broker. These institutions falsely marketed these investments. Major corporations are currently pursuing damages for the funds they can rightly recover. You too can pursue recovery of your investment, interest and consequential damages at no cost to your company. Speak to an Auction Rate Securities Attorney at Charlip Law Group, LC about filing suit on a contingency basis.

At Charlip Law Group, LC our attorneys will represent your matters with the full consideration and respect you deserve. The lawyers at our firm bring many years of training and experience to the practice of law. Our multi-lingual staff will deal with your issues promptly. We are conveniently located in Broward County. Our South Florida location allows us to serve our clients in Miami-Dade, Broward and Palm Beach Counties; throughout Florida and the United States. Contact Charlip Law Group, LC at our Hollywood, Florida offices toll-free at 1-800-773-1955 or 954-921-2131. You can send us a confidential email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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