Topic: Industry Developments

Shareholders File Class Action and Derivative Suits Against Merrill Lynch Over $8.4 Billion Subprime Write-Down

A shareholder class action suit was filed against Merrill Lynch & Co. on October 30, 2007 following an announcement by Merrill Lynch that it would have to write-down $8.4 billion in connection with mortgage-related investments. The charge for that write-down is being taken in the third-quarter of 2007. 

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Oregon Attorney General Settles State Antitrust Claims with Insurer

On October 26, 2007, Oregon AG Hardy Myers announced a settlement with ACE Group Holdings, Inc. and its subsidiaries (“ACE”) over allegations of improper, fictitious quoting and steering of insurance businesses.  The AG filed a stipulated judgment in Marion County State Circuit Court, in which ACE agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims with no admission that ACE violated any laws. 

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If Red Sox Win the World Series, Boston Area Furniture Retailer, Backed by an Insurance Policy, Will Pay Full Refund for Sales Made in the Spring

A Massachusetts-based furniture store, Jordan’s Furniture, ran a “Monster Deal” promotion (named for the left field Green Monster in Fenway Park) this past spring that promised to customers a full refund on certain furniture purchased between March 7th and April 16th if the Red Sox were to win the World Series.  The refund applies to sofas, dining tables, beds and mattresses. 

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