Merrill Lynch Pays $8.5M To Settle Pension Plan Action

Law360, New York (April 24, 2012, 8:47 PM EDT) -- A Florida federal judge on Tuesday granted preliminary approval of an $8.5 million settlement between Merrill Lynch Pierce Fenner & Smith Inc. and a class of municipal retirement funds that resolves a dispute over fee arrangements that allegedly compromised the firm's role as an independent adviser.

U.S. District Judge Timothy J. Corrigan said in his order that a hearing will be held on July 27 where a final decision will be made on the settlement, but found it sufficient in an initial review.

"The court hereby preliminarily approves the...
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