July 2, 2003

Judge Pollack Strikes Again

For the second time in as many days, Judge Pollack of the S.D.N.Y. has dismissed a securities class action against Merrill Lynch. According to Reuters, the plaintiffs, investors in Merrill Lynch's Global Technology Fund, had alleged "they were duped in part because the fund invested in the stock of companies that Merrill Lynch investment bankers were doing business with."

Quote of note: "'She (the lead plaintiff) was suing on the same general theme of having bought some shares in a fund and that Merrill Lynch was responsible for the decline in the value of the funds,' Pollack told Reuters. 'I tossed her out.'"

Addition: The opinion in the Global Technology Fund case can be found here. (Thanks to the Securities Law Beacon for the link.)

Posted by Lyle Roberts at July 2, 2003 7:18 PM | TrackBack
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