Tag: Merrill Lynch

Merrill Lynch settles overtime class action

February 27, 2013 by

Merrill Lynch has agreed to create a $12 million fund to settle a class action lawsuit alleging it didn’t properly pay overtime to employees who provide support services for brokers.  The court for the Southern District of New York must still approve the settlement, which was announced in a filing Friday. Merrill Lynch is the

Bank of America settles securities class action regarding acquisition of Merrill Lynch

October 12, 2012 by

According to The New York Times, the price being paid by Bank of America for its missteps during the financial crisis rose sharply on Friday as the bank announced a $2.43 billion deal to settle accusations that it misled investors about the acquisition of Merrill Lynch.  It is the largest securities class-action lawsuit settlement yet

Investors file securities fraud class action against Facebook

June 11, 2012 by

On May 23, 2012, investors filed a federal class action against Facebook, saying the company shared crucial information with preferred investors before the company’s already contentious Initial Public Offering. The class claims that Facebook, Mark Zuckerberg and the banks that underwrote the company’s IPO downgraded earnings expectations before the offering, but shared the bad news

FINRA and Charles Schwab lock horns over class action waivers

February 16, 2012 by

The Financial Industry Regulatory Authority Inc. (“FINRA”) and The Charles Schwab Corporation are engaged in a legal fight over whether a brokerage firm can avoid customer class-action claims by forcing all disputes into FINRA arbitration forums. In a complaint filed against Schwab on February 1, FINRA claims that the brokerage is violating rules by including

Bank of America settles mortgage securities class action

December 30, 2011 by

In early December, 2011, Bank of America Corp. (BAC) reached a $315 million settlement with a group of investors who sued its Merrill Lynch unit claiming they were misled about mortgage-backed securities, according to a court filing. Holders of the asset-backed certificates sued Merrill Lynch starting in December 2008 for alleged “false and misleading” prospectus

If class actions are certified, banks may pay more to resolve mortgage backed securities class actions

September 26, 2011 by

Bank of America Corp., JPMorgan Chase & Co. and other banks may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage-backed securities market if sophisticated investors are allowed to sue as a group with less savvy ones. Class action status allows investors to pool financial and legal

Merrill Lynch to face class action over mortgage-backed securities

July 1, 2011 by

Bank of America Corp.’s Merrill Lynch unit must face a class action suit on behalf of at least 1,800 investors over mortgage-backed securities, a federal judge ruled. U.S. District Judge Jed S. Rakoff in Manhattan certified a class of all investors that purchased the securities from February 2006 through September 2007.  Judge Rakoff also granted