When the NY Attorney General went after Charles Schwab, Inc. for securities fraud relating to the sale of certain auction rate securities (ARS), the company asked the New York County Supreme Court to dismiss the case because the accusations lacked "factual particularity"--were too general and lacking sufficient specificity.
Because the AG couldn't point to any representations which were "deceitful" when made, the Supreme Court thought Schwab was clean, and that no "fraud"--or other illegality-- had been established.
Who's the ARS, now?
To view a copy of the Supreme Court's decision, please use this link: People v. Charles Schwab & Co., Inc.