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Merrill Lynch Again Beats Securities Suit Over Reserve

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Merrill Lynch Again Beats Securities Suit Over Reserve

Merrill Lynch Again Beats Securities Suit Over Reserve

Law360 (February 28, 2020, 6:37 PM EST) — Investors who accused Merrill Lynch of securities fraud didn’t actually lose any money because of misconduct they allege, a California federal judge said Friday, ending for a second time their claims that the investment manager illegally withdrew money from its customer reserve account to execute trades that freed up funds for its own use.

U.S. District Judge M. James Lorenz’s order granted Merrill Lynch’s motion to dismiss the investors’ proposed securities class action without giving co-lead plaintiffs James Jiao and Samuel Nuńez permission to amend their suit.

Because the two didn’t actually allege any damages, Judge Lorenz said Friday, “they have…

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