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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (22703)	2/2/2005 4:32:59 PM
From: RealMuLan	Read Replies (1) of 116555

'Directed Trustee' Cleared in Stock Drop Merrill Lynch is awarded summary judgment in a class action brought by WorldCom employees whose 401(k) plans suffered along with the company. Stephen Taub, CFO.com February 02, 2005 A federal judge Tuesday ruled that WorldCom Inc. employees who pumped a big chunk of their 401(k) assets into their company's stock during the market's 1990s bubble, then saw the shares plummet in value, can't blame the plan's trustee for that investment decision. Employees of the company now known as MCI Inc. had sued Merrill Lynch, the trustee, for not advising them to sell their company's stock from the retirement plans before the stock collapsed. However, Judge Denise Cote of the U.S. District Court in New York granted summary judgment to Merrill, saying that the firm wasn't liable, according to wire-service reports.http://www.cfo.com/article.cfm/3622367/c_3622407?f=home_todayinfinance

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