Merrill Lynch Squandered Funeral Investments: Suit

Law360, New York (December 10, 2010, 2:09 PM EST) -- Bank of America NA and subsidiary Merrill Lynch & Co. Inc. created a crisis in the funeral industry by wasting $100 million in funeral planning investments on junk life insurance policies, an Illinois funeral home claims in a new class action.

Merrill took funeral-planning money that should have been put in safe investments like municipal bonds, and dumped it in life insurance investments, plaintiff Pettett Funeral Home Ltd. said in a complaint filed Thursday in the U.S. District Court for the Southern District of Illinois....
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