Raymond James & Associates are being forced to face a lawsuit claiming it defrauded buyers of auction-rate securities, the first class-action complaint following the market’s 2008 collapse to survive a judge’s initial review
At least 19 underwriters and broker-dealers were sued in class-action, or group, suits since the $330 billion market for auction-rate securities collapsed in February 2008
The Securities and Exchange Commission will begin its much-awaited series of hearings on the municipal market this month, holding the first on Tuesday, Sept. 21, in San Francisco
The hearings will contain local market participants and will examine such issues as the Municipal Securities Rulemaking Board, Build America Bonds, investor protection and education, financial reporting and accounting, market stability and liquidity, municipalities as conduit borrowers, offering participants, professionals and market intermediaries, and Section 529 college savings plans, the SEC said
ING Prime Rate Trust, a diversified closed-end management investment company listed on the New York Stock Exchange (NYSE: PPR), has announced last week its intention to redeem a portion of its outstanding auction-rate preferred shares (ARPS)
The Trust's Board of Trustees has approved a partial redemption that will be paid mainly by drawing on leverage available under the Trust's credit facilities
