Merrill To Pay $59M To Lay Funeral Trust Action To Rest

Law360, New York (February 17, 2012, 5:41 PM EST) -- An Illinois federal judge on Friday approved a $59 million settlement resolving a consolidated class action against Merrill Lynch Bank & Trust Co. accusing it of losing more than $100 million from a trust fund that was meant to pay for funeral costs.

U.S. District Judge G. Patrick Murphy approved an agreement for Merrill, along with other defendants in the suit, to pay $15 million to a group of funeral home directors and $26 million to individuals who bought policies through the failed trust fund, in...
To view the full article, register now.