It's probably just a matter of time before Texas courts play hose to litigation from the $330 billion auction-rate securities collapse of 2008, says Kenneth Johnston of

Dallas' Kane Russell Coleman & Logan. Just last week, the Texas State Securities Board sent a warning shot over the bow of Swiss banking giant UBS. The board threatened to bar UBS from doing business in Texas and claimed that the company engaged in fraud in the way they peddled auction-rate securities. "Civil charges may demand that these firms pay back profits as well as damages to corporations and consumers,' Johnston says. To interview Mr. Johnston about auction-rate securities, contact Barry Pound at 800-559-4534 or barry@androvett.com.