Merrill Lynch set to shell out $475M in settlement, says Ohio AG
Ohio Attorney General Richard Cordray says $475 million in settlement money is ready for distribution to Merrill Lynch investors in Ohio and elsewhere.
Ohio Attorney General Richard Cordray says $475 million in settlement money is ready for distribution to Merrill Lynch investors in Ohio and elsewhere.
Cordray today announced the completion of the financial company’s settlement with the State Teachers Retirement System. The deal was first announced in January.
In a class-action lawsuit, the pension fund and other investors had accused Merrill Lynch of artificially inflating its stock price. The investors took substantial losses on the stock after the company wrote down billions of dollars in assets backed by subprime mortgages.
The attorney general’s office says the settlement will be shared by investors who bought Merrill Lynch stock in late 2006 and during all of 2007 and 2008.
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