Article: Mighty Merrill Lynch bogs down in legal troubles

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Mighty Merrill Lynch bogs down in legal troubles

Thor Valdmanis

Securities Arbitration, 10 October 2002

Douglas and Deborah Millar are about to become $7.7 million richer. The Pennsylvania couple didn’t buy a state lottery ticket. Instead, they played another popular game of chance: Sue Your Broker.

In granting one of the largest awards on record six weeks ago, a private arbitration panel ruled that Merrill Lynch failed to advise the Millars on how to protect the value of a stake in former Internet high-flier FreeMarkets that in better times was worth $48 million. Merrill has appealed, but legal scholars say arbitration awards are rarely overturned.

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