3rd Circ. Keeps NJ's Suit V. Merrill In State Court

Law360, New York (May 18, 2011, 6:37 PM EDT) -- The Third Circuit on Wednesday kept New Jersey’s suit against Merrill Lynch & Co. in state court, where the investment bank faces breach of contract and misrepresentation allegations relating to the sale of $300 million of preferred stock.

The appeals panel affirmed a district court’s decision to remand New Jersey’s suit to state court, finding Merrill Lynch waived its right to remove the action to federal court under the terms of a 2008 share exchange agreement.

New Jersey sued Merrill Lynch and its successor Bank of...
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