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Securities
Commodities
Market Manipulation

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)

Christina H. Sharp

Norman E. Siegel
(Stueve, Siegel & Hanson LLP)

Jonathan K. Levine
(Pritzker Levine LLP)


Defendant

Aaron M. Rofkahr


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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