Experience

Search Experience
SearchClear


Sutherland achieves victory in auction rate securities (ARS) fraud class action lawsuit.

Description

In 2009, SunTrust Banks, Inc. and SunTrust Robinson Humphrey, Inc. became ensnarled in one of the first auction rate securities (ARS) fraud class action lawsuits. The lawsuit also represented one of the biggest such cases outside of the Southern District of New York. With representation by Sutherland’s highly experienced team of litigators, the Federal District Court in Atlanta not only found in favor of SunTrust and dismissed the case on all counts, but also denied leave to amend, closing the case file completely.

The suit, Case No. 1:08-cv-01287-TWT, alleged that SunTrust failed to disclose the nature of ARS investments and markets established to auction these investments. It was filed by two plaintiffs on behalf of themselves and other investors who purchased ARS from SunTrust from April 1, 2003, through Feb. 13, 2008. The Court found the plaintiffs’ allegations to be without basis. “The Plaintiffs’ allegations about manipulative auction practices do not meet the heightened pleading requirements applicable to securities fraud cases,” wrote U.S. District Judge Thomas W. Thrash, Jr., in his ruling.

Related People

Our Story

Sutherland Asbill & Brennan LLP is an international law firm helping the Fortune 100, industry leaders, sector innovators and business entrepreneurs solve their biggest challenges and reach their business goals. Dedicated to unfaltering excellence in client service, we are known for our business savvy and industry intelligence, providing creative and custom solutions for each of our clients. Industry and business experience makes the difference for our clients.

click to watch Videocast: DOL Fiduciary Rule Litigation Impacts
Videocast: DOL Fiduciary Rule Litigation Impacts
Atlanta, GA
Washington, DC
© 2017 Sutherland Asbill & Brennan LLP / Sutherland (Europe) LLP
MYBRIEFCASE
Add this page to MYBRIEFCASE
Add Page to MYBRIEFCASE
Experience - Sutherland achieves victory in auction rate securities (ARS) fraud class action lawsuit.
Current MYBRIEFCASE Pages
Save ChangesDownload MYBRIEFCASEClear All