A federal judge has dismissed a securities fraud suit against Merrill Lynch and six of its subsidiaries, citing the "profound" downturn in the mortgage market as the more likely cause of the plaintiffs' woes and noting that securities fraud plaintiffs "must do more than show motive and opportunity" to prove scienter. The suit was brought by two real estate investment trusts that said Merrill Lynch's false statements led them to invest $26 million into mortgage-backed securities riddled with problem accounts.
August 28, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The folks at Merrill Lynch have discovered that even clouds as big and ugly as the recent meltdown in the mortgage industry can sometimes have the glimmer of a silver lining.
A federal judge has dismissed a securities fraud suit against Merrill Lynch and six of its subsidiaries citing the “profound” downturn in the mortgage market as the more likely cause of the plaintiffs’ woes.
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