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Merrill makes whole CDO investor, reports Reuters

Friday, February 1, 2008

Reuters reports that Merrill Lynch is paying $13.9 million back to the city of Springfield, Massachusetts, which bought CDOs from the firm. The report cites a Merrill Lynch spokesperson as saying that Merrill paid the city back after reviewing the facts and learning the city had not expressly approved the purchase of the securities. He is quoted as saying: "We are making the city whole, and we have taken the appropriate steps internally to ensure this conduct is not repeated."


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