New York, NY: Three class action lawsuits were filed against Merrill Lynch & Co. by nearly 400,000 mutual fund customers alleging there were conflicts of interest between its brokerage and underwriting businesses. The lawsuits claimed Merrill Lynch provided misleading analyst research about Internet companies to purchasers of mutual funds. In 2002, Attorney General Eliot Spitzer alleged a scheme by the company's research division to publish false or misleading analysis of Internet stocks in order to generate investment banking business. US District Judge John Keenan in Manhattan certified the class and has given final approval to a $40.3 million settlement including attorney's fees and expenses of about $9.37 million. (Feb-02-07)
[LAW.COM: MERRILL LYNCH SETTLEMENT]
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Reader Comments
Posted by
FRANK P. NEIGEL
on
FRANK P. NEIGEL
on
I WAS JUST GOING OVER SOME OF MY DAD'S PAPERS AND I NOTICED THAT HE LOST OVER $ 90,000 ON MRI BUSINESS PROPERTIES FUND WITH MERRILL LYNCH ON THE ADVICE OF ONE OF THEIR VICE PRES., MR BEDE HOWARD WHO WENT TO JAIL FOR FRAUD..
WAS THERE EVER ANY CLASS ACTION SUITE ON THIS ?
MY DAD NEVER RECEIVED ANY OF HIS MONEY BACK EVEN THOUGH THE MONTHLY STATEMENTS SHOWED IT HAD A CASH VALUE OF $92,000 UP TO THE DATE HE WANTED TO WITHDRAW IT FOR MY COLLEGE
WAS THERE EVER ANY CLASS ACTION SUITE ON THIS ?
MY DAD NEVER RECEIVED ANY OF HIS MONEY BACK EVEN THOUGH THE MONTHLY STATEMENTS SHOWED IT HAD A CASH VALUE OF $92,000 UP TO THE DATE HE WANTED TO WITHDRAW IT FOR MY COLLEGE
Posted by
Lavonne Sue Fendrick
on
Lavonne Sue Fendrick
on
I have heard nothing from this for years. I sent years of documentation to them and never received any acknowledgement back.
