bob200体育证券要求指责美林林奇隐藏其拍卖率证券惯例被上诉法院驳回

The U.S. Court of Appeals for the Second Circuit has affirmed a district court’s decision to dismiss securities fraud claims accusing美林林奇& Co.隐藏其ARS实践以操纵市场。该案是由原告Colin Wilson代表所有买家提交的，2003年3月至2008年2月13日，该案购买了Merrill为经销商的ARS。

Wilson contended that although until July 2007 Merrill Lynch did not allow its ARS auctions to fail, in the couple of months that followed the broker-dealer did not put in support bids during at least 34 auction-rate securities issuances. As a result, those auctions did fail. Wilson also claimed that because Merrill Lynch did not appropriately disclose the full scope of its ARS practices, the financial firm was sending out a false signal that the market was sustainable despite there being not enough of an investor demand for the instruments.

在发现美林的披露并没有误导投资者之后，地方法院撤出了威尔逊的ARS案。现在，上诉法院正在确认。它发现，正如威尔逊所说，如果美林打算为每次拍卖提供支持竞标，除非它决定让某些人失败或从市场上脱离市场，那么法院认为，经纪人交易商对所有人进行了公平的披露这。上诉法院还不同意威尔逊的指控，即美林林奇毫无疑问知道，如果不干预ARS拍卖，一定会失败。

This is the first appellate ruling involving securities class litigation over the demise of the ARS market. Upon the market’s decline beginning 2007, Merrill Lynch and other large broker-dealers started letting auction-rate securities auctions fail. When they completely stopped their support, the market became illiquid. A number of investors have since filed ARS lawsuits seeking to recover their money.

尽管美林似乎赢得了此案，Shepherd Smith Edwards和Kantas创始人以及股票经纪人欺诈attorney William Shepherd指出：“这并不是美林的巨大胜利声称。法院没有发现美林没有在向其客户出售拍卖利率证券（ARS）方面进行不法行为，其中大多数人被错误地认为这些ARS投资类似于商业票据或短期财政账单。bob200体育相反，此案与“市场操纵”有关，这是一种很少带来且几乎从未成功的证券欺诈索赔。bob200体育为了赢得此案，除其他障碍外，原告必须证明美林的做法是故意的，旨在改变证券的市场价值。bob200体育此外，这一决定是由纽约联邦上诉法院由联邦上诉法院神秘地决定了许多支持华尔街的案件。”

2D CIR。确认美林（Merrill
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