CALIFORNIA | LOCAL
January 2, 1999 |
A state appeals court has ruled that members of an Orange County investment pool can sue the brokerage firm they accused of helping bankrupt the county in 1994. The Dec. 7 state appellate court ruling reversed a judge's decision that the "Killer Bs," a group of 10 public agencies, had no right to sue Merrill Lynch & Co. That judge ruled that only Orange County itself had the right to sue on behalf of the pool members.
CALIFORNIA | LOCAL
January 7, 1999
A California appeals court Wednesday upheld a decision to reinstate a lawsuit brought against Merrill Lynch by 14 government entities who claim they lost $80 million as a result of the firm's involvement in the 1994 Orange County bankruptcy. California's 1st Appellate District Court upheld a decision it issued last month. That ruling overturned a lower court ruling that said the 14 local governments and agencies had no grounds to sue Merrill Lynch as a third party.
January 20, 1999 |
Charles Schwab Corp., Merrill Lynch & Co., Bear Stearns & Co. and PaineWebber Group Inc. reported quarterly profits that beat estimates, as gains in commissions and asset management offset declines in trading and investment banking. A surging stock market spurred investors to buy and sell equities, boosting trading and the commissions that brokerages earn. It also drew new money into mutual funds. Schwab was the only brokerage of the four to report a profit increase.
November 5, 1999 |
John L. "Launny" Steffens, vice chairman of Merrill Lynch & Co., said Thursday that Merrill is attracting 1,200 to 1,400 customers per day to its "Unlimited Advantage" program begun in June. Under the program, investors receive unlimited online trading and advice from a broker for an annual fee based on the amount of assets in their account, but with a $1,500 minimum. The program has attracted 225,000 investors with an average account size of $400,000, Steffens said.
September 10, 1999 |
Merrill Lynch's research folks also were busy Thursday, naming their top 10 tech-stock picks. Electronics manufacturer Kemet Corp. (ticker symbol: KMET), with a market value of $1.2 billion, is the smallest company on the list. Its shares rose $2.63 to $30. The other nine are among the biggest U.S. tech issues. They are Cisco Systems (CSCO), up $1 to $69.94; Intel (INTC), up $1.81 to $87.75; IBM (IBM), up $4 to $134.75; Motorola (MOT), up $1.13 to $98.69; Nortel Networks (NT), up $1.69 to $45.
July 11, 2001 |
Merrill Lynch & Co. on Tuesday became the first major U.S. brokerage to ban its analysts from buying shares in the companies they cover, in an attempt to defuse a growing perception among investors that Wall Street research is tainted. Merrill, the biggest U.S.
October 30, 2001 |
Merrill Lynch & Co., the nation's biggest brokerage, on Monday unveiled a new, simpler pay plan aimed at rewarding brokers who manage bigger accounts and bring the firm business that generates ongoing fees. The plan is another step in Merrill's efforts to emphasize continuous fee income over commission income from stock trades, which can swing with market moves. It also reflects the broader trend on Wall Street to focus on higher-net-worth customers while limiting services for smaller clients.
October 25, 2005 |
Autobytel Inc., operator of the Autoweb.com and Car.com Internet sites, hired Merrill Lynch & Co. as an advisor to help evaluate the company's possible sale. Merrill will help explore strategic options, including possible acquisitions, mergers or a sale, Irvine-based Autobytel said.
April 15, 2002 |
The brokerage industry may face a flood of legal actions from burned tech-stock investors, experts say, as a result of a New York state report alleging that Merrill Lynch & Co. analysts recommended Internet stocks to investors while at the same time privately scorning them as "junk."