Lawsuit threat to Merrill Lynch

Lawsuit threat to Merrill Lynch

news.bbc.co.uk

New York State's attorney general has threatened to sue Merrill Lynch for misrepresenting certain debt investments as safer than they were.

Andrew Cuomo said that legal action against the US bank was "imminent" after it failed to settle charges of mis-selling with regulators.

Last week, Merrill Lynch offered to buy back $12bn (£6bn) of auction-rate debt. It said it was surprised by the threat.

(visit the link for the full news article)

Surprised, when they knowingly mis-led people into buying risky debt so they could get rid of it quickly?

These people are no better than shareholders - they want all the profit with no risk or loss.

I hope they're fined into oblivion! What would have been the result if these debts collapsed for some reason?

I hope Merrill Lynch's reputation takes an unrecoverable nose-dive.

news.bbc.co.uk
(visit the link for the full news article)

reply to post by mirageofdeceit


The problem is, no matter how it pans out, they will figure out a way to make us pay for it.