NJ Goes After Merrill Lynch Over $300M Stock Sale

Law360, New York (July 29, 2009, 1:14 PM EDT) -- The state of New Jersey has hit Merrill Lynch & Co. Inc. with a lawsuit alleging that the investment bank misrepresented its financial health when it sold $300 million in preferred stock to the state's investment division a year before the firm's takeover by Bank of America Corp.

New Jersey Attorney General Anne Milgram announced Tuesday the filing of the suit in the Law Division of the State Superior Court, Hudson County, saying Merrill Lynch — which was acquired by BofA on Jan. 1 — misled...
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