A number of brokerage firms that sold auction-rate securities, including Fidelity Investments, do not think they should be forced to buy back the instruments, much as the investment banks that created them have been doing, to the tune of $40 billion, The Wall Street Journal reports. Their thinking is that they were merely sellers of the ARS and didn’t have knowledge of their imminent demise, as the banks that ran the auctions did. 

But the lawyers for the investors who bought auction-rate securities from Fidelity, Oppenheimer & Co., Raymond James and Stifel Nicolaus say they should have been aware of their risks.

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