Merrill Lynch Sold $167M In Toxic MBS, Allstate Says

Law360, New York (March 1, 2011, 10:17 PM EST) -- Allstate Insurance Co. on Tuesday made Merrill Lynch & Co. its latest target in its barrage of securities fraud suits stemming from the mortgage crisis, accusing the company in New York court of selling $167 million in toxic mortgage-backed securities.

Allstate sued Merrill and several of its units in the Supreme Court of the State of New York, County of New York, alleging violations of three sections of the Securities Act of 1933 and demanding damages to cover its losses with interest.

“Allstate was made to...
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