|  | | 2012 News and Press Releases | | |
SETTLEMENT NEWS:
$315M Settlement OK'd In Merrill Investor Class Suit
Staff Writer
The Bureau of National Affairs, Inc. May 11, 2012
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EXCERPT: A $315 million settlement received a federal district court's green light May 7 in a deal that resolves a class action by shareholders accusing Merrill Lynch & Co. and other defendants of misrepresenting the risks of mortgage-backed securities that they sold. Lead plaintiff Public Employees' Retirement System of Mississippi asked the U.S. District Court for the Southern District of New York to approve the settlement in early December. The class suit alleged that Merrill Lynch and affiliated entities—now owned by Bank of America Corp.—and the other defendants made misleading and false statements about the risks of the instruments. The court also ordered, in its approval of the settlement, that plaintiffs' attorneys be awarded fees in the amount of 17 percent of the settlement fund, and $3,280,523.87 in litigation expenses. |
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