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Posts Tagged ‘arps update may 2011’

Auction Rate Securities Update: Raymond James Claims ‘Meritorious Defenses’

Posted by Larry Doyle on May 11th, 2011 9:14 AM |

Three plus years and counting and with little indication that a full blown settlement of the auction-rate securities nightmare is close to happening, the crowd at Raymond James asserts it has ‘meritorious defenses’ against making its clients whole.

Really? How interesting.

Does Raymond James hold a trump card that nobody else is even aware is in the deck? Why is it that Raymond James provides such bluster at this time? Is the heat rising in Ray Ja’s kitchen? Let’s navigate as Investment News yesterday highlighted, ARS Mess Could Cost Raymond James Up to $50 Million,

Raymond James Financial Inc. said today it could face a loss of $25 million to $50 million if it immediately has to buy back distressed auction-rate securities from clients.  (more…)

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