Merrill Lynch to pay $437.1 million to resolve claims by Orange County
Article Abstract:
Merrill Lynch & Co. has reached an agreement to pay $437.1 million to settle damage claims by Orange County of California in its bankruptcy law filing. The settlement is a major legal and public relations victory for Orange County, the fifth-largest county in the US. The dispute between Merrill Lynch and Orange County almost went to trial. The settlement is believed to be the second-largest by a major brokerage firm on Wall Street linked to exclusively private claims of fraud and other charges.
Comment:
To pay $437.1 million to settle damage claims by Orange County of California in its bankruptcy law filing
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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PaineWebber offers customers $7 each in settlement of switching-fee dispute
Article Abstract:
Investors must file an objection to a proposed settlement of a class-action suit against PaineWebber by October 13, 1998. These investors, plaintiffs in a four-year old class action suit against PaineWebber, were charged $50 for transferring their accounts to other companies. The number of former customers who qualify for the proposed $7 per person settlement total 250,000 to 300,000. The suit charged that customers were not properly informed about the new fee.
Comment:
Co offers settlement of $7 per customer in switching-fee class-action lawsuit
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Court dismisses suit against Bear Stearns
Article Abstract:
A state court in New York decided that Bear, Stearns & Co. is not responsible for a AR Baron & Co. customer's losses despite the fact that Bear Stearns processed or cleared trades for the firm. The ruling was a victory for Bear Stearns, which has been faced with regulatory probes into its lucrative clearing franchise. Bear Stearns is attempting to move away from small brokerage companies that hire it to process trades.
Comment:
A state court in New York decides that Bear, Stearns & Co. is not responsible for a AR Baron & Co. customer's losses
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Comment about this article or add new information about this topic:
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