Investors holding securities tied to the stalled auction-rate market, which sets interest rates for certain types of bonds at periodic auctions, are filing lawsuits and arbitration proceedings alleging, among other things, that investors were deceived.
At least 16 lawsuits have been filed since mid-March in federal courts in New York, California and Georgia, and more plaintiffs’ lawyers are filing arbitrations with the Financial Industry Regulatory Authority to recover their clients’ cash.
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