Multinational Corporation Sues Credit Suisse Over Auction Rate Securities…Start of a Pattern?

STMicroelectronics NV (STMicro), Europe’s largest computer chip maker, has sued Credit Suisse for “allegedly placing $450 million of its cash into auction-rate securities (ARS) without authorization.” STMicro believes that more than $2 billion of its money was invested in these ARS, without authorization. The complaint alleges that STMicro thought its cash was being invested in…