Calamos Asset Management Sued Over ARS Buyout
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Financier John P. Calamos Sr. and his Calamos Asset Management Inc. were sued by an investor over claims they needlessly spent $280 million to redeem illiquid auction-rate securities in 2008 and 2009.
Calamos, the firm, its closed-end Calamos Convertible Opportunities and Income Fund and six trustees allegedly breached their duty to common shareholders by redeeming the auction-market preferred shares, or AMPS.