Merrill Can't Shake $100M Funeral Trust Class Action

Law360, New York (July 5, 2011, 7:39 PM EDT) -- An Illinois federal judge on Friday batted down Merrill Lynch Bank & Trust Co.'s second attempt to dismiss a suit accusing it of negligently losing more than $100 million from a trust fund that was meant to pay for funeral costs.

Merrill Lynch, Pierce, Fenner & Smith Inc. and Edward Schainker, a Merrill Lynch employee, had sought to dismiss a proposed class action from individuals who had invested in the Illinois Funeral Directors Pre-Need Trust. The individuals, so-called pre-need clients, paid funeral directors in advance for burial and funeral costs,...
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


Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.