Merrill Lynch has settled three class action lawsuits that claimed it provided misleading analyst research about Internet companies to purchasers of mutual funds. Under the agreement, which was approved Wednesday by a New York federal judge, almost 400,000 investors will receive roughly $40 million, about 6.25 percent of the $645 million in damages they originally sought. The development symbolized the beginning of the end of a troublesome chapter for the financial management and advisory company.
Merrill Lynch and Mutual Funds Settle Suits Over Internet Companies
New York Law Journal
February 2, 2007