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Merrill Pays $450 Million in OH Settlement.
Washington-Merrill Lynch & Co. - now the property of Bank of America - has agreed to pay $450 million to settle a subprime collateralized debt obligation lawsuit brought by lead plaintiff, the Ohio State Teachers Retirement System.
According to the complaint, Merrill Lynch artificially inflated the value of CDOs and other assets backed by subprime mortgages by issuing false and misleading statements about the bonds.
In a public filing, Merrill says it settled the case but did not admit any wrongdoing.
During the height of the subprime crisis, Merrill financed several non-bank subprime funders, bought their loans and packaged them into ABS and CDO investments, selling them worldwide. ...
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