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Merrill Lynch Will Pay $3M Arbitration Award

Law360 (November 15, 2007, 12:00 AM EST) -- Merrill Lynch & Co. said on Thursday that it has been hit with an arbitration award of over $3 million in a dispute with a woman who alleged that brokers put her in a pre-paid forward liquidity contract without telling her of the high fees associated with it.

The decision, handed down last month by an arbitration panel at the U.S. Financial Industry Regulatory Authority, said that Kathleen McKinney, of Indiana, was entitled to $3,321,442.

McKinney said that Merrill Lynch, in addition to charging her fees...
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