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Judge Dismisses Merrill Lynch Derivative Suits

Law360 (February 17, 2009, 12:00 AM EST) -- Finding that the acquisition of Merrill Lynch & Co. Inc. by Bank of America Corp. last year means that the plaintiffs no longer have standing to sue, a federal judge has tossed out the derivative actions in a consolidated suit alleging that Merrill Lynch misrepresented its subprime mortgage debt exposure.

Judge Jed Rakoff of the U.S. District Court for the Southern District of New York ruled Tuesday that the plaintiffs, Merrill shareholders who sued on behalf of the company alleging breach of fiduciary duty by company...
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