A state appeals court has partially revived a lawsuit by the New York Attorney General accusing brokerage firm Charles Schwab & Co. of falsely characterizing auction rate securities as safe, cash-equivalent investments.
The unanimous Appellate Division, First Department, panel ruled Tuesday in People v. Charles Schwab, 453388/09, that Manhattan Supreme Court Justice O. Peter Sherwood (See Profile) had incorrectly reached the merits of the case in granting Charles Schwab's motion to dismiss.
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