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Oppenheimer Loses Bid To Collect $30 Mln From Deutsche Bank - Yahoo Finance

brokerage firm Oppenheimer & Co's attempt to collect more than $30 million from Deutsche Bank AG related to the sale of auction-rate securities that the bank created. In February 2013, a Financial Industry Regulatory Authority panel ordered Oppenheimer and one of its former brokers to pay $30 million to US Airways, now part of American Airlines Group AAL.O for misrepresenting the safety of the complex instruments. In return, Oppenheimer sought to recoup that amount plus almost $15 million in attorneys' fees and interest from Deutsche Bank's U.S. securities subsidiary, according to Allan Taffet, a partner at the New York law firm of Duval & Stachenfeld, which represents Deutsche Bank. In May 2013, the brokerage filed a claim against Deutsche alleging misrepresentation and omission of facts about the creditworthiness of three collateralized debt obligation issues that Oppenheimer sold to the airline. It also said the bank breached "the integrity of the Dutch auction process" that determined the price of the securities.
visit http://finance.yahoo.com/news/oppenheimer-loses-bid-collect-30-235136995.html

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