Merrill To Pay $59M To Lay Funeral Trust Action To Rest

Law360, New York (February 17, 2012, 5:41 PM EST) -- An Illinois federal judge on Friday approved a $59 million settlement resolving a consolidated class action against Merrill Lynch Bank & Trust Co. accusing it of losing more than $100 million from a trust fund that was meant to pay for funeral costs.

U.S. District Judge G. Patrick Murphy approved an agreement for Merrill, along with other defendants in the suit, to pay $15 million to a group of funeral home directors and $26 million to individuals who bought policies through the failed trust fund, in...
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.