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BRAINTREE LABORATORIES v. CITIGROUP GLOBAL MARKETS

No. 09-2540.

622 F.3d 36 (2010)

BRAINTREE LABORATORIES, INC., Braintree Holdings, and Braintree Real Estate Management Company, LLC., Plaintiffs, Appellants, v. CITIGROUP GLOBAL MARKETS INC. and Citi Smith Barney, Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided October 12, 2010.

Attorney(s) appearing for the Case

Barry S. Pollack , with whom Joshua L. Solomon , Phillip Rakhunov and Sullivan & Worcester LLP, were on brief, for appellants.

Charles E. Davidow , with whom Brad S. Karp , Susanna M. Buergel , Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robert A. Buhlman , Brandon L. Bigelow and Bingham McCutchen LLP, were on brief, for appellees.

Before BOUDIN, Circuit Judge, SOUTER, Associate Justice, and HOWARD, Circuit Judge.

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...

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