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Merrill settles case against Web analyst Blodget



Написано Bell | Fri, Jul 20 at 7:59pm:

http://www.usatoday.com/money/stocks/2001-07-20-merrill-blodget.htm


"When they change their position from stonewalling to settling at 80 cents on the dollar, you have to think something made them feel very vulnerable," Coffee said. "There could have been some embarrassment that occurred in the initial stage ... that made this a weak case to defend."

Zamansky represented Debasis Kanjilal, a New York pediatrician who said he lost $500,000 in his Merrill account after his InfoSpace holdings cratered. Kanjilal had earmarked the money for his daughter's New York University tuition, he told Reuters in an interview.

Blodget had been bullish on InfoSpace, even as it started slipping from its record high of $132 in March 2000. The stock closed at $3.29 on Thursday.

Kanjilal also invested in JDS Uniphase on Merrill's recommendation and lost an additional $300,000, the claim said.


Wall Street has come under fire for putting buy recommendations on stocks in order to win lucrative business helping companies with mergers or selling stock to the public.

Firms adopted the ethical guidelines to deflect criticism that there are holes in so-called Chinese Walls between research and investment banking units, said James Cox, a professor of corporate and securities law at Duke University.

"What I sense the industry is trying to do with recent pronouncements is they are just trying to get ahead of the curve before the NASD does something, and possibly Securities and Exchange Commission investigates," Cox said.


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