See folks. It's not just BAC spin that ML was running a propped up scam on share holders.
Merrill Lynch & Co. has agreed to pay $475 million to settle a class-action lawsuit by the State Teachers Retirement System alleging securities fraud on the part of the financial services company.
The Ohio pension system sued in May after Merrill Lynch’s stock fell when the company wrote down the value of billions of dollars in assets tied to subprime mortgages. The suit alleged company executives had artificially boosted the stock price with misleading statements to investors ahead of the devaluation.