In One Eye
Tuesday, July 01, 2003
A U.S. district judge threw out lawsuits brought against Merrill Lynch & Co. by investors who claimed research done by the securities firm caused them to lose money in the stock market.I'm of two minds on this. To be sure, these folks invested in compos mentis, but they were clients of the firm--the firm that made positive recommendations regarding the investments.
Certainly a brokerage firm should take some responsibility for its recommendations. Otherwise, retaining a brokerage in the first place seems a waste of money.