Class Action Status Update

Girard Gibbs and its associated co-counsel have been appointed lead counsel in the auction rate securities class action lawsuits against Wells Fargo, Deutsche Bank, UBS, Wachovia, Bank of America, E*Trade, Raymond James, Merrill Lynch, TD Ameritrade, RBC Dain Rauscher, and Oppenheimer. This means that the named plaintiffs represented by Girard Gibbs and co-counsel will represent the interests of the entire class throughout the litigation. Girard Gibbs and its co-counsel have a lead plaintiff motion pending in the auction rate securities lawsuit against J.P. Morgan Chase.

Click here to read Daniel Girard's article on auction rate securities "Billions to Answer For"

Have you been unable to liquidate your auction rate bonds and preferred stocks?

Girard Gibbs LLP has filed class actions alleging securities fraud in connection with the sale of auction rate securities against thirteen major broker-dealers. These include UBS, Wachovia, Merrill Lynch, Wells Fargo, Morgan Stanley, J.P. Morgan Chase, TD Ameritrade, Deutsche Bank, Bank of America, Oppenheimer, E*Trade, RBC Dain Rauscher among others. Some of the issuers of the auction rate securities include Blackrock, Eaton Vance, Nuveen and ING.

It is alleged that the broker-dealers and issuers materially misrepresented the liquidity and risks of the auction rate securities to individual investors and corporations by labeling these securities as “cash equivalents,” in press releases, monthly account statements, individual communications with investors, and other investment guidance material. In fact, the promised liquidity of the auction rate securities was created through artificial intervention in the auctions by the broker-dealers.

In the past several months, the market for Auction Rate Securities collapsed, with the announcement by major broker-dealers that they will no longer purchase auction rate securities for their own accounts to ensure that the auctions do not fail and that the securities remain liquid. As a result, numerous auctions run by the broker-dealers have failed in recent months and approximately $330 billion in Auction Rate Securities that were allegedly offered as "cash equivalents" were rendered illiquid, resulting in economic losses and severe hardships for investors.

If you have information or wish to discuss your rights as an investor, please fill out the information sheet below, or contact Daniel C. Girard, Esq. (dcg@girardgibbs.com), Jonathan Levine, Esq. (jkl@girardgibbs.com), or Aaron Sheanin (ams@girardgibbs.com) toll free at (866) 981-4800.

Girard Gibbs, a national litigation firm specializing in consumer class actions, securities and complex business litigation, has recovered more than a billion dollars on behalf of its clients. Girard Gibbs’s managing partner Daniel Girard was recently voted one of Northern California’s Super Lawyers by Law & Politics Magazine, recognizing him as one of the top 5-percent of attorneys practicing in Northern California.

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