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Case ID: 4232 | Stocks | 03/16/2005
A class action has been filed against Merrill Lynch & Co., Inc. (NYSE:MER), a certain of its officers and directors by stockholders who purchased the company's common stock between January 01, 1990 and January 21, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Merrill Lynch & Co., Inc. is a holding company that, through its subsidiaries and affiliates, provides broker-dealer, investment banking, financing, wealth management, advisory, asset management, insurance, lending and related products and services on a global basis. According to a press release, dated January 21, 2005, the complaint alleges that during the Class Period, Merrill Lynch made false and misleading statements and omitted material facts concerning its undisclosed financial interests with third party suppliers of annuity contracts. The third parties paid monies and other incentives to have Variable Annuities steered to them by Merrill Lynch without properly disclosing the preexisting arrangement to its customers. The complaint further alleges that rather than providing independent and unbiased services for clients wanting to purchase Variable Annuities, Merrill Lynch maintained secret contingent fee sharing agreements with a number of insurance company underwriters of annuity contracts. These activities cause insurance companies to collect higher premiums than would be paid absent these arrangements and result in Merrill Lynch customers paying inflated premiums for the Variable Annuities. According to the press release, a variable annuity is an insurance contract with characteristics causing it to be treated as an "investment" under the Securities Act of 1933. A Variable Annuity contract generally provides that the purchaser agree to a simple "lump sum" premium or scheduled fixed premiums for a pre-set number of years. The premiums are deposited into a separate account after deducting expenses, fees and charges specified in the contract. The premiums thus collected in the annuitant's separate account are available for tax deferred investment in one or more portfolios (called sub-accounts). Upon maturity of the annuity, the annuitant receives payment from the accumulated value in such amounts and upon the terms specified in the underlying investment contract. If you bought Merrill Lynch & Co., Inc. securities between January 01, 1990 and January 21, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest The class has been certified in several consolidated actions filed against Ahsanti Goldfields, Ltd., on behalf of all persons who purchased or otherwise acquired the company’s Global Depository Receipts in transactions on stock exchanges in the US between April 21, 1997, and October 5, 1999. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities.
A class action has been filed against clearing broker Bear Stearns & Company, Inc.
by stockholders who purchased ML Direct, Inc. securities from Sterling Foster & Company during the approximately three-and-a-half months that followed ML Direct's December 2001 IPO. The action claims that the Bear Stearns violated federal securities laws by facilitating Sterling Foster's alleged fraudulent short selling scheme involving the IPO securities.
A class action has been filed against Constar International Inc. (Nasdaq: CNST), a global producer of polyethylene terephthalate (PET) plastic containers for food and beverages, and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to Constar's November 2002 Initial Public Offering.
A class action has been filed in the Northern District Court of Illinois against Office Max Inc, (NYSE:OMX) a multinational contract and retail distributor of office supplies, paper, technology products and office furniture, and certain of its officers and directors by stockholders who purchased the company's common stock between November 9, 2004 and January 11, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against pharmaceutical company Gilead Sciences, Inc. (Nasdaq: GILD) and certain of its officers and directors by stockholders who purchased the company's common stock between July 14 and October 28, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action lawsuit has been filed in the Northern District Court of Illinois against Peter S. Voss and others for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages. |
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