Merrill Lynch Must Face Misleading 529 Plan Tax Savings Suit

By Abraham Gross (August 28, 2019, 4:18 PM EDT) -- Merrill Lynch must face a suit by a proposed class of New York investors accusing the company of misleading them on the state tax savings of investing into a Maine educational savings program, a federal court has ordered.

The court on Tuesday rejected Merrill Lynch's motion to dismiss the suit brought on behalf of a putative class by Thomas Baldwin, saying allegedly misleading tax savings claims by the company in promoting its Maine 529 Program could proceed under Maine's Unfair Trade Practices Act. According to the court, the claims were not required to be prosecuted as covered securities misrepresentations under federal law....

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