Auction Rate Securities Class Action Lawsuits

Class Action Status Update

Girard Gibbs and its associated co-counsel serve as lead counsel in the auction rate securities class action lawsuits pending against: Deutsche Bank, Bank of America, E*Trade, Raymond James and Merrill Lynch. This means that the named plaintiffs represented by Girard Gibbs and co-counsel represent the interests of the entire class of investors in this litigation.

>>Read Daniel Girard's article on auction rate securities "Billions to Answer For"

Unable to liquidate your auction rate bonds and preferred stocks?

It is alleged that the broker-dealers and issuers who sold these notes 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 2008, the market for auction rate securities collapsed, with the announcement by major broker-dealers that they would no longer purchase auction rate securities for their own accounts to ensure that the auctions would not fail and that the securities remain liquid. As a result, numerous auctions run by the broker-dealers failed 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 to the right or call us toll free at (866) 981-4800.

Why Girard Gibbs LLP?

Girard Gibbs is a national litigation firm representing consumers, investors, employees, and small businesses in cases involving consumer protection, personal injury, securities, antitrust, and employment laws. The firm’s senior partners, Daniel Girard and Eric Gibbs, have been selected for inclusion in Northern California Super Lawyers and have earned AV-Preeminent ratings from Martindale-Hubbell, recognizing them in the highest class of attorneys for professional ethics and legal skills.