Merrill Lynch To Pay $40.3M Settlement

Law360, New York (January 31, 2007, 12:00 AM EST) -- A New York federal judge has signed off on a $40.3 million settlement for mutual fund investors who claimed Merrill Lynch & Co. Inc. provided misleading analyst research about Internet companies to attract profitable investment banking business.

About 400,000 investors initially set out to recover $645 million in damages in this consolidated class action, but Merrill Lynch will be required to shell out a fraction of that amount, under a settlement approved by Judge John Keenan on Wednesday in the U.S. District Court for the Southern...
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