Merrill Lynch Settles $75M Lawsuit

Bank of America Corp-owned Merrill Lynch & Co announced today that they have agreed to pay $75 million to settle a class-action lawsuit against the company. The plaintiffs were employees who had lost money by investing in Merrill Lynch stock through their retirement places.
In their lawsuit, which was filed in November 2007, the plaintiffs said that the company violated the Employee Retirement Income Security Act. They say that Merrill Lynch offered stock as part of their retirement plans even when it was “imprudent” to do so, given the company’s debt. The lawsuit helps employees who invested money from September 2006 …read more