pacard, the BoD, after taking independent advice, placed funds in AAA rated Student Loan ARS which were federal, state, and local tax exempt.

It subsequently transpired that they were mis-sold the products, as were many others, and they are now seeking damages for having the "mis-sold" stated liquid funds becoming illiquid assets.

That a portion of the ARS have been redeemed, and they were able to borrow against them, is irrelevant to the claim. Whether they invested 1% or 100% of their available cash makes not one iota of difference to the fact that the investment became illiquid. Damages are being sought, in part, because of that illiquidity.

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Be well