Legal Eagle Review News

New York, New York - IncrediMail, Ltd., an Israeli software company, has commenced an arbitration proceeding in New York City against Credit Suisse Securities (USA) LLC (NYSE:CS) and Julian Tzolov based on its purchase in July 2007 of $5 million worth of auction rate securities issued by Centre Square Ltd.

IncrediMail's purchase of Centre Square auction rate securities was orchestrated by former Credit Suisse director, Julian Tzolov. Mr. Tzolov is presently under criminal investigation, and according to a recent report by The Wall Street Journal, has likely fled the U.S to avoid prosecution. The Centre Square auction rate securities were originally underwritten by Merrill Lynch, whose sale of the same security to the municipality of Springfield, Massachusetts resulted in lawsuits against the investment bank by Massachusetts Attorney General, and eventual rescission of the transaction.

Commenting on the lawsuit, IncrediMail's CEO, Ofer Adler, stated;

"We feel that we were misled by Credit Suisse to believe that we were purchasing a highly liquid and conservative auction rate security, just to learn after completing the purchase that the securities were of high risk and essentially of no liquidity. Had we been told the true nature of the security prior to the purchase, we would not have made the transaction, which was entirely contrary to our investment strategy."

IncrediMail is being represented in the lawsuit by Marc I Gross and Jeremy Lieberman of Pomerantz Haudek Block Grossman & Gross LLP. A copy of the Statement of Claim is available upon request. Contact Marc I. Gross, Esq. at 212-661-1100 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it