ONE OF the basic truths of Wall Street is that when the government announces a probe, it will not be long before the lawsuits begin to flow.
So when New York State Attorney General Eliot Spitzer reported last week that he was investigating the research practices at Merrill Lynch and other Wall Street firms, speculation immediately arose as to how quickly the private bar would take up the cause. Mr. Spitzer is alleging the firm mislead investors by issuing overly positive stock ratings of companies that also were investment banking clients.
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