New York, NY--May 1, 2008--Attorney Advertising. The law firm of Milberg LLP is investigating possible illegal conduct by broker-dealers that are alleged to have deceived investors about the investment characteristics of Auction Rate Securities and the auction market in which these securities were traded. Information learned to date in the course of a private investigation being conducted by Milberg, together with articles in the media, and allegations in certain lawsuits, indicate that claims exist on behalf of many investors who purchased such securities.

Auction Rate Securities are securities consisting of long term bonds or preferred stock with variable interest rates and yields. The yields are periodically reset through Dutch auctions or a remarketing process. Auction Rate Securities have often been marketed by large brokerage firms as a safe, liquid alternative to money market funds.

The broker-dealers and issuers are alleged to have materially misrepresented the liquidity and risk of the Auction Rate Securities to individual investors and corporations by labeling these securities as "cash equivalents" in press releases, monthly account statements, individual communications with investors, and other investment guidance material. The promised liquidity of Auction Rate Securities is alleged to have been created artificially when, without disclosure to investors, broker-dealers supported the market and through a managed bidding process purchased auctions rate securities themselves in order to keep the auctions from failing.

In early February, 2008, the market for Auction Rate Securities collapsed, with the announcement by major broker-dealers that they will no longer purchase Auction Rate Securities for their own accounts to ensure that the auctions do not fail and that the securities remain liquid. As a result, numerous auctions run by the broker-dealers have failed in recent months and approximately $330 billion in Auction Rate Securities that were allegedly offered as "cash equivalents" were rendered illiquid, resulting in economic losses and severe hardships for investors.

The broker-dealers under investigation include Citigroup, Smith Barney, UBS, Wachovia, Merrill Lynch, Wells Fargo, Morgan Stanley, J.P. Morgan Chase and TD Ameritrade, among others. Issuers of Auction Rate Securities also under investigation include Blackrock, Eaton Vance, Nuveen, Legg Mason, and ING, among others.

If you purchased Auction Rate Securities from or through a broker-dealer between February 13, 2003 and February 13, 2008 and continued to hold such securities as of February 13, 2008, you may have a claim for damages and/or some other form of relief against the broker-dealer from or through which you bought these securities. If the action is brought on behalf of people who bought Auction Rate Securities during that time period, you may request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff.

For nearly 40 years Milberg LLP has been prosecuting claims on behalf of individual and institutional investors in actions seeking to recover for fraud, breach of fiduciary duty, and negligence. Milberg currently serves as lead counsel in federal and state courts throughout the United States in numerous securities fraud class actions. Recent class action securities fraud recoveries in which Milberg was Lead or Co-Lead Counsel for the class include, among others, Tyco ($3.2 billion court approved settlement); CMS ($200 million court approved settlement); and Amex ($100 million court approved settlement).

If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:

Jerome M. Congress
Lori G. Feldman
Anita B. Kartalopoulos
Kent Bronson
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com

^{Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.}