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Merrill Lynch, Allegheny Energy Ruling Reversed

Law360 (September 4, 2007, 12:00 AM EDT) -- A federal appellate court has overturned a 2005 decision that forced Allegheny Energy Inc. to pay Merrill Lynch & Co. $158 million for breach of contract following the energy company’s acquisition of Merrill’s energy commodity trading business in 2001.

On Friday, the U.S. Court of Appeals for the Second Circuit overturned the lower court’s decision granting summary judgment to Merrill Lynch, finding that the company had failed to disclose facts about inaccuracies in the financial information handed over to Allegheny prior to the sale.

The appellate...
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