Case Page

 

Case Status:    SETTLED
On or around 07/20/2007 (Ongoing date of last review)

Filing Date: July 02, 2002

According to a press release dated July 20, 2007, a hearing will be held on November 5, 2007, at 10:00 a.m. before the Honorable John F. Keenan, United States District Judge of the Southern District of New York, 500 Pearl Street, New York, NY 10007 (the "Settlement Fairness Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $15,000,000 in cash, plus a cash amount equivalent to interest which has been accruing since January 1, 2007, and separately paid costs of notice and settlement administration, should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable and adequate; (3) whether the application for an award of attorneys' fees and reimbursement of expenses to counsel for the Lead Plaintiff and the Class out of the Settlement proceeds should be approved; and (4) whether the Action should be dismissed with prejudice.

On December 24, 2002, the Court entered the Case Management Order #1 signed by U.S. District Judge Milton Pollack. The Court consolidated all the cases, and administratively closed all actions other than the Master File 02-CV-5097. On March 13, 2003, a Consolidated Amended Class Action Complaint was filed.

The original complaint alleges that the Defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5, by employing improper business practices which artificially inflated the prices of Merrill Lynch common stock and other securities during the Class Period. More specifically, the complaint alleges that Defendants' improper business practices included issuing a series of false, inflated and/or biased securities analyst research reports concerning the common stocks of several internet companies for whom Merrill Lynch provided or sought to provide investment banking services, in complete derogation of the "Chinese Wall" that was supposed to separate the firm's research analysts from its investment bankers; failing to adhere to the published securities ratings criteria Merrill Lynch distributed to its clients and other investors; and publicly recommending certain internet stocks to investors in their research reports despite private misgivings and negative opinions about those stocks as reflected in internal e-mails and communications. The complaint further alleges that Defendants manipulated their securities research as part of a larger scheme whereby Merrill Lynch wrongfully linked the compensation of Defendant Blodget and other Merrill Lynch securities analysts, to the amount of investment banking business the analysts generated. The complaint also alleges that Merrill Lynch issued several misstatements to investors concerning, inter alia, the integrity of the firm's securities research and analyst practices in reports the firm filed with the SEC and in other public statements.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MER
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 02-CV-5097
JUDGE: Hon. Milton Pollack
DATE FILED: 07/02/2002
CLASS PERIOD START: 07/03/1999
CLASS PERIOD END: 04/08/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  3. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY)
    825 Third Avenue - 30th Floor, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY), NY 10022
    212.838.7797 212.838.7745 · lawinfo@cmht.com
  4. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  5. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  6. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  7. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-5097
JUDGE: Hon. Milton Pollack
DATE FILED: 03/13/2003
CLASS PERIOD START: 07/03/1999
CLASS PERIOD END: 04/08/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  3. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  4. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  5. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  6. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date