Merrill Vows To Fight Charity's Madoff-Related Suit

Law360, New York (August 13, 2009, 1:21 PM EDT) -- Merrill Lynch Pierce Fenner & Smith Inc. on Thursday promised to vigorously defend itself against a Florida charity accusing the firm in a $30 million lawsuit of breach of fiduciary duty over investment losses in the Bernard L. Madoff megaswindle.

In its lawsuit — removed to the U.S. District Court for the Southern District of Florida on Aug. 7 from a county court — Palm Beach, Fla.-based MorseLife Foundation Inc. accuses the investment bank of negligence when it advised the plaintiff in 2008 to maintain substantial...
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