Merrill Settles Global Crossing Class Action

Law360, New York (May 8, 2006, 12:00 AM EDT) -- Investment bank Merrill Lynch & Co. has settled a shareholder lawsuit stemming from its role in underwriting two stock offerings for telecommunications company Global Crossing Ltd. in 2000.

Although the firm did not disclose the exact amount of the settlement, it said in a filing with the U.S. Securities and Exchange Commission that “the matter was settled for an amount that didn’t have a material effect on its financial conditions or the results of operations.”

The class action lawsuit was filed against Merrill in 2003 by...
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