Merrill Lynch Settles Charity's $33M Suit Over Madoff Losses

Law360, New York (August 29, 2012, 3:35 PM EDT) -- Merrill Lynch Pierce Fenner & Smith Inc. has settled a Florida charity's $33 million lawsuit alleging breach of fiduciary duty over investment losses in Bernard L. Madoff's massive Ponzi scheme, according to Financial Industry Regulatory Authority documents released Tuesday.

The deal puts an end to Palm Beach, Fla.-based MorseLife Foundation Inc.'s suit, which was lodged in county court before it was removed to the U.S. District Court for the Southern District of Florida in August 2009 and later sent into arbitration. It accused the investment bank...
To view the full article, register now.
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.