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Merrill Lynch Securities Fraud Lawyers

The lawyers and attorneys at our firm are offering free case evaluations to victims of Merrill Lynch securities fraud. In September 2007, Merrill Lynch announced a $2.24 billion third-quarter loss tied to the credit crisis — the biggest in Merrill's 93-year history. By the next year, Merrill Lynch had been acquired by Bank of America in an all-stock transaction that valued Merrill stock at $29 per share, well below the $98 per share peak the stock had reached in 2007.

Various lawsuits have accused executives, officers and directors of the company of issuing false and misleading financial statement to conceal the firm's true position. If you or someone you know suffered financial losses as a result of this deception, we urge you to contact one of our Merrill Lynch securities fraud lawyers to protect your legal rights.

In October 2007, the firm was named in a class action lawsuit entitled Life Enrichment Foundation v. Merrill Lynch & Co., et al., Case No. 07-CV-9633 (S.D.N.Y.). The suit accuses Merrill Lynch of making false and misleading statements about its subprime mortgage investments. The action was filed amid intense scrutiny following the 2007 write-down, which has also resulted in the resignation of Merrill Lynch's CEO, Stan O'Neal.  The plaintiff contends that the write-downs announced by Merrill Lynch reflected inaccuracies in the financial statements that were revealed when the write-down was announced. 

Following an announcement by Merrill Lynch that it would have to write-down $8.4 billion in connection with mortgage-related investments, another Merrill Lynch Shareholder filed a derivative suit on October 31, 2007.  The derivative action, entitled Arthur v. O’Neal, et al., Case No. 07-CV-9696 (S.D.N.Y.), was brought on behalf of Merrill Lynch & Co. against various Merrill Lynch directors and officers, including its CEO Stan O'Neal.

A shareholder derivative suit is a lawsuit instigated by a shareholder of a corporation, not on the shareholder's own behalf, but on behalf of the corporation. The shareholder brings an action in the name of the corporation against the parties allegedly causing harm to the corporation. Often derivative suits are brought against officers or directors of a corporation for violations of fiduciary duties owed to the shareholders vis-a-vis the corporation. Any proceeds of a successful action are awarded to the corporation.

At the same time it announced the $2.24 billion loss, Merrill Lynch revealed in a regulatory filing that it was the subject of an SEC investigation. While Merrill Lynch did not provide details as to the nature of the SEC inquiry, news reports at the time said that the SEC probe included deals that Merrill Lynch struck with hedge funds to allegedly cloak its vulnerability to so-called subprime mortgage debt.

Legal Help for Victims of Merrill Lynch Securities Fraud

If you are a Merrill Lynch shareholder and suffered a financial loss, you have valuable legal rights. Please contact us by filling out or online form or calling 1-800-LAW INFO (1-800-529-4636) for a free consultation with one of our experienced Merrill Lynch securities fraud lawyers.

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