Legal Opinion
Braintree Laboratories, Inc. v. Citigroup Global Markets Inc.
Court of Appeals for the First Circuit
Decided October 12, 2010No. 09-2540PublishedCited by 112 opinions
1Opinion of the Court
HOWARD, Circuit Judge.
In February of 2008, the market for auction-rate securities (“ARS”) froze, creating a well-publicized liquidity crisis. During the following summer, plaintiffs Braintree Laboratories, Inc., Braintree Holdings, and Braintree Real Estate Management Company (collectively, “Braintree”) made $41 million worth of investments in ARS — by that point already illiquid and significantly depreciated — at par value. Braintree later insisted that it had been deceived. Claiming that its broker-dealer, defendant Citigroup Global Markets, Inc. (“CGMI”), 1 had misrepresented the purchased…
2Cases cited27 opinions
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