NY Comptroller Ends Securities Case Against Merrill

Law360, New York (November 9, 2010, 1:06 PM EST) -- New York State Comptroller Thomas DiNapoli has dropped a suit accusing Bank of America Corp. unit Merrill Lynch & Co. Inc. of hiding its exposure to risky mortgage-backed securities before the two companies’ $50 billion merger, though a related case against Bank of America will move ahead.

Judge Jed Rakoff of the U.S. District Court for the Southern District of New York on Friday granted a bid dismissing the suit with prejudice after DiNapoli, the trustee of the New York State Common Retirement Fund, agreed with...
To view the full article, register now.