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Monday, April 16, 2012

Ind. Decisions - "Wal-Mart ruling that quashed many class actions helps bolster Merrill Lynch broker's case: Victory in federal appeals court surprises many legal experts"

A long story today by Ameet Sachdev of the Chicago Tribune about a 7th Circuit decision from Feb. 24, 2012. A quote:

A three-judge appellate panel unanimously sided with McReynolds on Feb. 24. Judge Richard Posner, who wrote the opinion, said challenging the Merrill policies in a class action was not forbidden by the Wal-Mart case.

According to Posner, "permitting brokers to form their own teams and prescribing criteria for account distributions that favor the already successful — those who may owe their success to having been invited to join a successful or promising team — are practices of Merrill Lynch, rather than practices that local managers can choose or not at their whim."

Posted by Marcia Oddi on April 16, 2012 11:17 AM
Posted to Ind. (7th Cir.) Decisions