Judge Dismisses Fraud Suit Against Merrill Lynch

Law360, New York (April 30, 2007, 12:00 AM EDT) -- Merrill Lynch & Co. Inc. was cleared of all charges Thursday relating to an alleged scheme that defrauded investors out of around $70 million.

Judge Garnett Thomas Eisele of the U.S. District Court for the Eastern District of Arkansas said Merrill Lynch should have known that Arkansas resident M. David Howell was trading futures using money provided by others, that he was losing large sums of money and that he did not technically qualify for institutional investor status.

However, Eisele added that “such knowledge is insufficient...
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