A New York Commercial Division judge has dismissed a lawsuit filed by former Attorney General Andrew Cuomo against Charles Schwab & Co. Inc. accusing the brokerage of deceiving investors about the safety of auction rate securities.

Manhattan Supreme Court Justice O. Peter Sherwood (See Profile) said in a ruling Monday that the lawsuit, People v. Charles Schwab, 453388/09, failed to allege that the company made any statements that were fraudulent at the time they were made, even though auction rate securities later proved to be unsafe.

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