Article: SCOTUS Send Merrill Lynch Case to NJ State

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SCOTUS Send Merrill Lynch Case to NJ State

Adam Klasfeld

Courthouse News Service, 16 May 2016

Merrill Lynch and other brokerage firms must face a state court case that says illegal naked short sales cost investors more than $800 million, the U.S. Supreme Court ruled Monday.

The shareholders brought their case four years ago in New Jersey over the Fortune 500 memorabilia company Spectrum Group International, then known as Escala Group.

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Article: High Court To Hear Merrill Lynch Naked Short Selling Suit

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High Court To Hear Merrill Lynch Naked Short Selling Suit

Law360, 30 June 2015

In a short order, the high court granted the banks’ petition for a writ of certiorari, which was filed over a Third Circuit decision to remand the shareholder suit to state court. The justices also granted the Securities Industry and Financial Markets Association leave to file an amicus brief in the matter.

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