Houston-based Amegy Bank and its investment arm, Amegy Investments Inc., are asking in an arbitration proceeding that Merrill Lynch, Pierce, Fenner & Smith be required to buy back $140 million in auction rate securities (ARS) that it sold to them.
Yetter, Warden & Coleman partner Paul Yetter of Houston, lead counsel for the Amegy claimants, says to his knowledge, Amegy Investments Inc., et al. v. Merrill Lynch, Pierce, Fenner & Smith Inc., et al. is the first arbitration that an “innocent downstream [local] broker” has sought against a national brokerage firm in the wake of the ARS market’s collapse.
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