US Airways Wins Massive Auction Rate Securities Award. Morgan Stanley Wins Promissory Note Case

February 2, 2013



US Airways Wins $30 Million ARS Award Against Oppenheimer

Claimant US Airways sought:

A) an order declaring that Respondents mismanaged Claimant's accounts and violated investment objectives and compelling Respondents to purchase from Claimant all currently illiquid securities, amounting to $253,100,000.00, at par plus accrued interest; or
B) in the alternative, an order rescinding the purchase of the currently illiquid securities; and
C) damages in an amount to be determined at arbitration, punitive damages of triple the damages suffered for a total of $759,300,000.00, interest, reasonable attorneys' fees, costs, and such other relief as is just, fair, and equitable.

At the hearing. Claimant requested compensatory damages in the amount of $110,390,000.00, $26,460,000.00 in pre-judgment interest, and attorneys' fees.



In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in January 2012, Claimants sought to recover on promissory note... Read On
On January 25, 2013, a federal grand jury in the Central District of California returned a 30-count Indictment ... Read On
For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying ... Read On
For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying... Read On