February 18, 2006 |
Merrill Lynch & Co. said Friday that it would pay $164 million to settle 23 class-action lawsuits alleging that investors suffered massive losses by following its dishonest stock recommendations, including those from its former star technology analyst, Henry Blodget. The settlement represents a fraction of the money investors lost when the Internet bubble burst in 2000 and the stocks collapsed, and it will barely dent Merrill's bottom line. The Wall Street powerhouse reported $5.
July 26, 1998 |
Long before Robert L. Citron became Merrill Lynch's single largest client, the Wall Street giant courted Orange County's treasurer with a series of sweet deals. It was a seven-year affair, filled with enticements of lucrative, can't-lose investments aimed at winning the county's multibillion-dollar investment account. And it ended in a bitter separation and ultimately the nation's largest municipal bankruptcy.
CALIFORNIA | LOCAL
July 27, 1997 |
Once hostile adversaries, Orange County Dist. Atty. Michael R. Capizzi and Merrill Lynch & Co. now find themselves unlikely allies as they fight to deny public release of 5,000 pages of grand jury transcripts. For 2 1/2 years, Capizzi's office and the Wall Street brokerage have sparred over the district attorney's attempt to assemble evidence that Merrill officials violated state laws as they helped Orange County borrow and gamble itself into bankruptcy.
December 16, 1994 |
The Securities and Exchange Commission has launched a broad investigation of possible influence peddling in the top reaches of Orange County government, looking specifically to determine whether brokers paid kickbacks to elected officials, a high-ranking source close to the investigation said Thursday. The probe has focused on "campaign contributions and kickbacks, things of that nature, and the relationship of broker-dealers to those officials," the source said.
February 13, 1999 |
Merrill Lynch & Co., the largest U.S. brokerage firm, said Friday that influential semiconductor analyst Tom Kurlak resigned to join the Tiger Management hedge fund after a year of wrong-way forecasts on the chip industry. "For 20 years, I have been dispensing advice," Kurlak said. "Now, I look forward to begin to implement it with this new opportunity."
September 5, 1995 |
It was perhaps inevitable that Los Angeles lawyers J. Michael Hennigan and Ronald L. Olson would one day face each other in a celebrated matchup. Hennigan is known for wresting major monetary settlements out of big corporations, while some of Olson's greatest efforts have gone to staving off corporate payouts. The two are poised to do battle in one of the most important civil cases of the decade: The County of Orange vs. Merrill Lynch & Co.
October 28, 1995 |
In its first such action, Japan's securities industry watchdog agency recommended Friday that the Finance Ministry impose sanctions against Merrill Lynch & Co. for violations of rules guarding against stock price manipulation. While not accusing Merrill of actually trying to manipulate prices--the amounts of stock involved were too small to do that--the Securities and Exchange Surveillance Commission called the violations "quite serious."
June 20, 1997 |
The deal that finally ended 30 grueling months of searching for villains in America's largest municipal bankruptcy was struck in a small, dank conference room filled with eight pink chairs. There in the district attorney's office, in the course of six negotiating sessions that began in late April, the Orange County district attorney and Merrill Lynch & Co. brokered a compromise that ended late Tuesday night with Dist. Atty. Michael R. Capizzi and his chief assistant, Maurice L.
December 8, 1994 |
For Merrill Lynch and several other Wall Street firms, Orange County's bankruptcy filing may presage a lull before a legal storm that securities law experts say is all but inevitable. Merrill, the nation's largest brokerage firm, played by far the biggest role in selling risky derivatives to the county's ill-starred investment fund. Losses led to the county's bankruptcy filing on Tuesday. Merrill reportedly earned $80 million in fees and commissions from its dealings with the fund.
December 4, 1995 |
This could have been the worst of times for Merrill Lynch & Co. Its longtime client, Orange County, lost $1.7 billion in bad investments and pinned the blame on Merrill in a highly publicized lawsuit. Top executives were subpoenaed to appear before California lawmakers, who excoriated them even as federal regulators scrutinized the Wall Street giant's financial dealings with the county treasurer.