Monster, RBC resolve US$66 million dispute

Monster sued in May to force RBC Capital Markets, the corporate and investment bank unit of Canada's largest lender, to buy back the securities it had bought. A stipulation dismissing the case was entered into the court docket today.

“It's been resolved, but beyond that I'm not at liberty to say,” said Stephen Lowey, a lawyer for Monster at Lowey Dannenberg Cohen & Hart PC in White Plains, New York.

Monster said it was excluded from thousands of other investors when the unit of the Royal Bank of Canada agreed to buy back US$850 million in debt last year.

Royal Bank agreed to repurchase auction-rate securities from investors with account values of as much as US$10 million, the U.S. Securities and Exchange Commission said in October 2008. The Toronto-based company said it also would buy securities held by its U.S. retail brokerage clients with accounts of US$25 million or less.

Steve Sylven, a spokesman for New York-based Monster, confirmed in an e-mail that the matter has been resolved.

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