Merrill Lynch stock-drop suit settled for $75 million
Investment News
8/27/2009
August 27, 2009 - A federal judge gave final approval to a $75 million settlement between Merrill Lynch and employees who sued the New York-based brokerage house in 2007 to recover losses they sustained from holding Merrill company stock in their retirement plans.
The settlement is a good deal for the plaintiffs, said Marc Machiz, a partner at Cohen Milstein Sellers & Toll PLLC in Philadelphia, a co-lead plaintiff’s counsel in the case.
“You need plenty of proof to win” an ERISA claim, he said. “The ability to win carries substantial risk, so we settled.”