Richard S. Bondar, as Trustee of the Bondar Family Trust Dated 4/1/91, individually and on behalf of all others similarly situated; Sitrin Group, N.R. Hamm Quarry Inc. v. Bank of America Corporation, Banc of America Investment Services Inc., Banc of America Securities LLC,
Published: Jun. 25, 2011 | Filing Date: Jan. 1, 1900 |Case number: 3:08-cv-02599-JSW Bench Decision – Dismissal
Court
USDC Northern
Attorneys
Plaintiff
Daniel C. Girard
(Girard Sharp LLP)
Aaron M. Sheanin
(Girard Gibbs LLP)
Norman E. Siegel
(Stueve, Siegel & Hanson LLP)
Jonathan K. Levine
(Pritzker Levine LLP)
Defendant
Facts
Several investors, who had purchased auction-rate securities from Bank of America Corp. between 2003 and 2008, filed an action against Bank of America, claiming that it misled them as to the nature of the securities.
Contentions
PLAINTIFF'S CONTENTIONS:
Plaintiffs claimed that defendant made misleading statements as to the liquidity of the securities and maneuvered the market for its investments. Further, they alleged that defendant offered the products as secure, cash-like investments, but concealed certain dangers.
Result
The court dismissed plaintiffs' claims.
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