Auction Rate Securities Lawsuit
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.
Why Girard Gibbs LLP?
Girard Gibbs is a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation. Girard Gibbs' managing partner Daniel Girard was voted one of Northern California's Super Lawyers in 2007, 2008, and 2009 by Law & Politics, recognizing him as one of the top 5-percent of attorneys practicing in Northern California.


Did you invest in Auction Rate Securities?
GIRARD GIBBS ANNOUNCES AUCTION RATE CLASS ACTION LAWSUITS FILED AGAINST:
- DEUTSCHE BANK- Class Period: March 17, 2003 through February 13, 2008.
- WACHOVIA- Class Period: March 19, 2003 through February 13, 2008.
- UBS- Class Period: March 21, 2003 through February 13, 2008.
- MERRILL LYNCH- Class Period: March 25, 2003 through February 13, 2008.
- E*TRADE- Class Period: April 2, 2003 through February 13, 2008.
- RAYMOND JAMES- Class Period: April 8, 2003 through February 13, 2008.
- WELLS FARGO- Class Period: April 14, 2003 through February 13, 2008.
- RBC DAIN RAUSCHER- Class Period: May 12, 2003 through February 13, 2008.
- OPPENHEIMER- Class Period: April 9, 2003 through February 13, 2008.
- BANK OF AMERICA- Class Period: May 22, 2003 through February 13, 2008
