Banks Let Off Hook In ERISA Suit Against Merrill

Law360, New York (August 6, 2008, 12:00 AM EDT) -- Four global banks that underwrote Merrill Lynch & Co. Inc.'s preferred stock offerings in late 2006 and early 2007 were voluntarily dismissed as defendants in a class action Tuesday as a major ERISA suit involving collateralized debt obligations took another step forward.

In the case, Ohio State Teachers Retirement System vs. Merrill Lynch & Co. Inc. in the U.S. District Court for the Southern District of New York, the putative class of plaintiffs alleges that Merrill issued materially false and misleading statements regarding its business and...
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