Judge: Sophisticated Buyer Was Told Of Risks Of Auction-Rate Securities
(September 11, 2015, 1:11 PM EDT) -- BOSTON — A Massachusetts federal judge on Aug. 12 granted summary judgment in an auction-rate securities case, finding that the plaintiff, a construction firm, was told of the risks by the former Banc of America Securities LLC (Tutor Perini Corporation v. Banc of America Securities LLC, No. 11-10895, D. Mass.; 2015 U.S. Dist. LEXIS 106291).
(Opinion available. Document #57-150921-002Z.)
In 2004, Tutor Perini Corp., a construction company, opened a nondiscretionary investment brokerage account with Banc of America Securities. Between May 2007 and February 2008, Tutor Perini...