NJ Suit Over Merrill Stock Conversion Stays Alive

Law360, New York (April 28, 2010, 2:05 PM EDT) -- The New Jersey Department of the Treasury has defeated Merrill Lynch & Co. Inc.'s bid to dismiss its suit alleging the investment firm reneged on a deal to treat all investors the same when the state agreed to convert $300 million of Merrill Lynch preferred shares into common stock.

New Jersey Superior Court Judge Barry Sarkisian issued the ruling Tuesday, also saying Bank of America Corp., which acquired Merrill Lynch in 2009, could be held liable for the alleged breach of contract.

The state, which also...
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