2nd Circ. Cuts Off Merrill Lynch Wire Transfer Case

By Hilary Russ

Law360, New York (March 04, 2010, 3:28 PM ET) -- A federal appeals court has found that a businessman's fraud claims against a Merrill Lynch Pierce Fenner & Smith Inc. financial adviser who allegedly wired $9 million to the accounts of two white collar criminals are barred by a time limit for objecting to wire transfers.

The U.S. Court of Appeals for the Second Circuit affirmed a lower court's decision on Monday, finding that the one-year statute of repose on claims based on certain electronic transfers of funds barred common-law claims by the businessman, Youxin Ma....
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