New York A-G Andrew Cuomo got there first, this morning - and he wants the court to issue an injunction, claiming injury to minority broadcasters because of the introduction of a "flawed" electronic ratings system, and his suit asks for both civil penalties and restitution. Determining restitition alone might keep a bank of lawyers and accountants busy until the new trans-Hudson tunnel is finished, but Arbitron expected this filing, after getting a "five-day letter" of Andrew Cuomo's intent to sue. The ratings service surprised the Attorney General's office and the market by releasing the September PPMs for New York and seven other markets last Monday morning - two days early. Now comes a second suit, from a second state - from New Jersey A-G Milgram. How are the suits affecting Arbitron stock? Track it here.
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