Merrill Lynch & Co was sued on Friday by former shareholders of First Republic Bank, who accused the company of hiding billions of dollars in losses related to subprime mortgages while the companies' merger was pending.
Mark Molumphy, a lawyer for the former First Republic shareholders, said they lost about $250 million (125.4 million pounds) when Merrill's share price dropped after the losses became public weeks after the transaction closed.
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As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
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