Merrill Says Court Has No Jurisdiction Over Denied Class

Law360, New York (July 13, 2011, 7:05 PM EDT) -- Merrill Lynch & Co. Inc. asked an Illinois federal court Wednesday to lift a stay on absent class members' claims in a race bias suit, citing a recent U.S. Supreme Court ruling that district courts don't have jurisdiction over members of putative classes when certification has been denied.

The case — which accuses Merrill Lynch of engaging in systemic discrimination against black applicants and brokers in hiring, promotions and compensation — was filed by George McReynolds in 2005 on behalf of about 700 financial advisers and...
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