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Marketed as Cash Equivlent

Auction Rate Securities were Marketed as Safe Alternatives to Cash

Brokerage firms aggressively marketed and promoted Auction Rate Securities (both bonds and preferreds) as safe, liquid, and cash equivalent investments. In fact, many investors were told by brokers and salespeople that Auction Rate Securities were as liquid as cash. While some brokerages are attemping to say these securities were never marketed as cash alternatives, their printed materials often say otherwise.

For example, Merill Lynch appears to admit that these securities were sold as cash equivalents in its document on Auction Rate Securities Practices and Procedures. In this document, Merrill Lynch says, "Auction rate securities have generally been issued as either bonds or preferred stock and are designed to serve as 'money market-type instruments."

Unfortunately, investors had no reason to question what they were being told as auctions for these securities were almost always successful. What the investors didn't know was that the liquidity in the market place for these securities was artificially created by major wall street institutions to keep the pipeline of Auction Rate Securities flowing. What is still unclear is whether or not brokers were incentivized to sell these securities to their clients.

Legal Rights

Investment banks and brokerage houses misled investors about the safety of Auction Rate Securities. If you invested money in these securities and you are unable to sell them, you may have valuable legal rights. Mark & Associates, P.C. and Levin Papantonio Thomas Mitchell Echsner Proctor, PA have joined forces to aggressively represent investors who have lost access to their funds. To request a free legal consultation please complete the inquiry form on this page or call 1-866-50-RIGHTS (1-866-507-4448).