Merrill pays out in subprime lawsuit

In the first major legal settlement over subprime losses, Merrill Lynch has agreed to pay the city of Springfield, Massachusetts $13.9 million in compensation after accepting that the bank invested city funds in CDOs underwritten by tranches of subprime mortgages without the permission of local authorities. In a victory for municipal officials, Merrill Lynch acknowledged last week that neither "the City of Springfield nor the Springfield Financial Control Board approved the purchases of these

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free registration? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here