Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Merrill Wins a Court Room Trifecta Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 02, 2003

Merrill Wins a Court Room Trifecta

by: Sean Hanna, Editor in Chief

That sound of celebration you heard this afternoon just may have been coming from the legal team at Merrill Lynch. They have every reason to be smiling after three cases brought by shareholders of the Merrill Global Technology Fund were dismissed today by a Federal Court judge.

The rulings should bolster the comfort that fund firms have in their protection from investor lawsuits in cases in which securities held in the fund lose significant value along with the market.

U.S. Federal Judge Milton Pollack dismissed two of the cases against Merrill yesterday afternoon and a third today. In the cases thrown out yesterday, investors in a Merrill Lynch advised Internet fund had claimed that Merrill failed to disclose underwriting relationships that it had with many of the companies whose stock was held in the fund.

The ruling in today's case came in the form of a 31-page decision that found Merrill had no duty to disclose information about the relationships between companies who issued stock owned by the fund and Merrill's underwriting division. The ruling today mirror's the judges thinking in the cases tossed out yesterday.

"She (the lead plaintiff) was suing on the same general theme of having bought some shares in a fund and that Merrill Lynch was responsible for the decline in the value of the funds," Pollack told Reuters. "I tossed her out."  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use