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Corporate

Feb. 26, 2011

Case Against Bank of America Dismissed

A federal judge on Thursday dismissed a case against Bank of America Corp., rejecting investors' claims that the bank failed to disclose its practices related to the auction-rate securities market.


By Rebecca Beyer


Daily Journal Staff Writer


SAN FRANCISCO - Investors trying to prove that Bank of America Corp. manipulated the market for auction-rate securities fell short Thursday as a federal judge dismissed their claims.


The auction-rate securities market froze in February 2008 when auctions to reset the bonds' interest rates began to fail to draw enough buyers. In the aftermath of the financial crisis, dozens of cases were filed aga...

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