Canadian Judge Certifies Class Against Merrill Lynch

Law360, New York (January 4, 2007, 12:00 AM EST) -- A Canadian Supreme Court judge has certified a class action lawsuit against Merrill Lynch & Co. Inc. that alleges the brokerage firm failed to disclose fees charged on foreign currency exchange transactions.

The suit accuses the brokerage of forcing Canadian clients to hold only Canadian funds in Merrill Lynch accounts while secretly collecting fees on securities the clients bought and sold in other currencies.

A Merrill Lynch investor, Russell Cooper, alleges that in the 1990s, Merrill Lynch did not disclose to its clients that it was...
To view the full article, register now.