Merrill Lynch Pays $45M To Settle NJ Stock Purchases Suit

Law360, New York (April 19, 2013, 7:25 PM EDT) -- Merrill Lynch & Co. Inc. has agreed to pay $45 million to settle a 2009 suit in which New Jersey officials accused the financial services giant of mishandling $300 million in stock purchases that caused pension fund investment losses, the state attorney general's office announced Friday.

Merrill Lynch agreed to the $45 million deal with the New Jersey Division of Investment, which manages assets for the state's pension funds, to settle allegations it breached a provision of a July 2008 contract in which the state exchanged...
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