Andrew Cuomo Dubbed ‘Litigator of the Week’
The Am Law Daily has dubbed New York Attorney General Andrew Cuomo its litigator of the week for settlements he has spurred in cases dealing with auction-rate securities.
The publication cites several settlements Cuomo reached with financial institutions last week. Wachovia agreed to pay a $50 million fine and buy back $8.8 billion in debt in a settlement with Cuomo, state regulators and the Securities and Exchange Commission. Merrill Lynch & Co. agreed to pay a $125 million fine and to buy back as much as $12 billion in auction rate securities. Also settling were Goldman Sachs Group and Deutsche Bank.
The publication notes Cuomo has also reached auction-rate settlements with four major banks that go back several weeks. The market for the securities had collapsed in February.
