So what distinguishes the Dow Corning suit–which raises the familiar allegations that Merrill misled Dow Corning about the liquidity of the ARS market–from the ARS cases Preska (and a long list of other federal judges) has dismissed? The judge is very clear about it: “Unlike other ARS cases in this multidistrict litigation,” she wrote, “this case involves allegations that defendants made specific misrepresentations to reassure plaintiffs about ARS after the ARS market began to crumble.”
