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Merrill Lynch Settles Securities Suits For $550M

Law360 (January 20, 2009, 12:00 AM EST) -- Merrill Lynch & Co. Inc. has agreed to a $550 million settlement with the Ohio State Teachers Retirement System and other plaintiffs alleging that the investment bank misrepresented and failed to disclose facts about its subprime mortgage debt exposure.

News of the settlements in pending securities, Employee Retirement Income Security Act and derivatives suits came in Merrill Lynch's 8-K filing Friday with the U.S. Securities and Exchange Commission.

Under the terms of the settlement, which is pending in the U.S. District Court for the Southern District...
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