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Pastimes : Brokerage-Chat Site Securities Fraud: A Lawsuit
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To: Yogizuna who wrote (1336)7/2/2003 11:04:01 AM
From: CountofMoneyCristo  Read Replies (1) of 3143
 
Have you all noticed what various professors and attorneys have said about yesterday's rulings? Well, here are some quotes:

washingtonpost.com

Lawyer Jacob H. Zamansky, who won one of the first analyst-related arbitration cases, called Pollack's opinion "harsh" but said he agreed with the decision: "These are non-Merrill customers who could not show that they relied on the research. . . . They are people trying to take advantage of a situation the New York attorney general revealed."

nytimes.com

Arbitration lawyers contend that the decision will not affect their cases and that it was dismissed for good reason: the plaintiffs were not Merrill Lynch clients and never claimed to have actually read and relied on Mr. Blodget's research in making their decisions.

"These guys were jumping on the bandwagon," said Jacob Zamansky, an arbitration lawyer. "You have to show reliance, that's where the battle will be fought


I raised reliance yesterday. You know, I am amazed that the attorneys handling the case did not argue reliance. But a major factor here is the investors suing Merrill were not clients of Merrill - which makes all the difference. In my case, we most certainly were directly clients of the investment advisors and brokers. They owed us a duty not to set out to defraud us.
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