Law360, New York (August 02, 2011, 7:14 PM ET) -- A Florida retirement fund sued Merrill Lynch Pierce Fenner & Smith Inc. on Monday alleging the broker-dealer and investment adviser made false statements about the quality of its services, causing significant losses.
Instead of making good on its claims, Merrill engaged in self-dealing and conflicts of interest that caused the fund to realize lower return rates on its investments while reaping greater profits for the adviser, the suit alleges.
According to the complaint, the City of Cape Coral Municipal Firefighters' Retirement System invested nearly all of...
Merrill Accused Of Making Misrepresentations To Fund
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