Simpson Thacher Achieves Dismissal After Evidentiary Hearings of All Claims In Two FINRA Arbitrations Relating to Auction Rate Securities
11.21.11
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Simpson Thacher recently represented JPMorgan in two separate FINRA arbitrations relating to auction rate securities. One of the arbitrations, brought by Louisiana Citizens Property Insurance Corp., an issuer of auction rate securities, was tried over approximately three weeks in New Orleans, Louisiana and sought damages in excess of $100 million. The other arbitration, brought by Alliance Semiconductor, an institutional investor in auction rate securities, was tried over one week in San Francisco, California and sought damages in excess of $50 million.
All claims in the New Orleans cases were dismissed by the panel on September 27. All claims in the San Francisco case were dismissed on November 7.
The Simpson Thacher teams at or assisting with the hearings were Jonathan Youngwood, Ian Dattner, Sonya Mirbagheri, Kathleen Eagan, Ana-Claudia Roderick and Jeannie Chung.