Merrill Lynch & Co.

New York, NY: (Sep-05-07) Over twenty class action lawsuits were brought against Merrill Lynch & Co., over allegedly false or misleading research reports. In an order that was passed on Sept 5, 2007, US District Judge John F. Keenan gave final approval and certified the class in the cases, which dealt with direct purchasers of stock in Internet-based companies that were the subject of allegedly misleading research reports, including reports by the company's former top technology analyst, Henry Blodgett. The order was regarding the stipulation of settlement, which included a cash payment of $125 million plus accruing interest. The settlement fund will amount to more than $133 million. A preliminary agreement to settle the cases was reached in February 2006. The stipulation of settlement was executed in January and given preliminary approval by Judge Keenan later that month. Three other cases saw a $39 million settlement in February 2007. [CNN NEWS: RESEARCH REPORTS]

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