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,...
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