Merrill Can't Bury Suit Over $100M Funeral Trust Losses

Law360, New York (June 21, 2011, 5:19 PM EDT) -- An Illinois federal judge on Tuesday denied Merrill Lynch Bank & Trust Co.'s attempts to kill a putative securities class action claiming that the bank negligently lost $100 million from a trust that was meant to pay for funeral costs to junk life insurance policies.

Merrill had moved to dismiss the case brought by several Illinois funeral home directors, who accuse the bank of grossly misinvesting the money in the Illinois Funeral Directors Pre-Need Trust. The funeral directors say the trust was supposed to be a...
To view the full article, register now.




Case Information

Case Title

Tipsword v. I.F.D.A. Services, Inc. et al

Case Number



Illinois Southern

Nature of Suit

Fraud or Truth-In-Lending


G. Patrick Murphy

Date Filed

May 22, 2009

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.