Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Valelly v. Merrill Lynch, Pierce, Fenner & Smith Inc.

Expert's Testimony in Suit on Account's 'Sweep' Feature Excluded Under FRE 702, 'Daubert'

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OPINION & ORDER1 This case involves the “sweep” feature of Merrill Edge Self-Directed Investing Accounts. The sweep feature allowed Defendant to move automatically (or “sweep”) Plaintiff’s uninvested cash into a Bank of America money market account.2 Plaintiff sought class certification and, in support of her motion, proffered the opinion of Dr. Micah Officer (“Dr. Officer”). See Dkt. 94-26.3 Defendant moves to exclude Dr. Officer’s opinion and testimony. See Def. Mot., Dkt. 112. For the following reasons, Defendant’s motion is GRANTED. BACKGROUND The Court assumes familiarity with its prior opinions issued over the course of this litigation and will summarize only the most pertinent facts. In August 2017, Plaintiff Sarah Valelly opened three accounts at Merrill Lynch: (i) a Cash Management Account (“CMA”); (ii) a Roth Individual Retirement Account (“Roth IRA”); and (iii) a Traditional Individual Retirement Account (“Traditional IRA”). First Amended Complaint (“FAC”)

26, 43-45, 112, Dkt. 55. The Client Relationship Agreement (“CRA”), which governs all three accounts, contained a so-called “reasonable rate” provision. Pursuant to the reasonable rate provision, Defendant was obligated to pay no less than a “reasonable rate” of interest on cash held in Plaintiff’s retirement accounts. Plaintiff alleges that Defendant breached that contract by failing to pay a “reasonable” interest rate (the “Reasonable Rate Claim”). Id.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
BenefitsPRO Broker Expo 2024
April 29, 2024 - May 01, 2024
Aurora, CO

The premier educational and networking event for employee benefits brokers and agents.


Learn More
Pennsylvania Legal Awards 2024
May 15, 2024
Philadelphia, PA

The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.


Learn More
Go to Events Go to Webcasts
Attorney

Truly exceptional Bergen County New Jersey Law Firm is growing and seeks strong plaintiff's personal injury Attorney with 5-7 years plaintif...


Apply Now ›
Labor & Employment Associate CT

Shipman is seeking an associate to join our Labor & Employment practice in our Hartford, New Haven, or Stamford office. Candidates shou...


Apply Now ›
Associate General Counsel

Evergreen Trading is a media investment firm headquartered in NYC. We help brands achieve their goals by leveraging their unwanted assets to...


Apply Now ›
Go to Lawjobs
MELICK & PORTER, LLP
04/15/2024
Connecticut Law Tribune

MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS


View Announcement ›
Apruzzese, McDermott, Mastro & Murphy, P.C.
04/11/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Robbins Alloy Belinfante Littlefield
04/08/2024
Daily Report

Daily Report 1/2 Page Professional Announcement 60 Days


View Announcement ›
Go to Professional Announcements