Merrill Lynch Lawsuit
Agrees a $475 Million Settlement with Ohio Teachers
Merrill Lynch Agrees a $475 Million Settlement with Ohio Teachers
A $475 million settlement has been agreed between Merrill Lynch & Co and the Ohio Teachers' over losses the teachers sustained to their pension fund.The suit alleged that the investment company had, in statements on collateralized debt obligations and related assets, inflated the market price for its own shares, causing investors to lose money.
The settlement will be used to reimburse investors who bought Merrill Lynch common shares between October 17, 2006 and December 31, 2008.
The investment house will also pay $75 million to settle a suit brought by its own employees who purchased company common stock in retirement plans between September 30, 2006 and December 31, 2008.
JAN-19-09: Merrill Lynch to pay $475 million in Ohio settlement [REUTERS: MERRILL LYNCH SETTLES WITH OHIO TEACHERS FOR $475 MILLION]
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