Merrill Lynch & Co Declared to Settle 23 Class Action Lawsuits for $164 Million
It was announced that $164 million will be paid by Merrill Lynch & Co Inc (MER.ETR) to settle 23 class action lawsuits related to its analysts’ activities and research coverage of Internet companies during the boom and bust of the dot-com era.
The suits alleged that Merrill Lynch had issued overwhelmingly positive research on Internet companies in a bid to get investment banking business from the companies that were being researched and written about.
The settlements are subject to further negotiations on the terms and conditions, and is yet to be approved by the courts, Merrill Lynch said in its report filed with the US Securities and Exchange Commission (SEC).
Filed under Class Action, General Law, Settlements
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