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In the recent article “Merrill Lynch Faces Cuomo Suit on Auction-Rate Debt,” Bloomberg.com reported that “Merrill Lynch & Co. may face a lawsuit by New York Attorney General Andrew Cuomo, who called the firm’s offer to buy back $10 billion of auction-rate debt an inadequate response to claims the firm misled investors.”  The article reports that Merrill was “surprised” by possible legal action.

Pryor Cashman partner Robert Ray, a former federal prosecutor, was interviewed by Bloomberg.com and stated, speaking about Merrill:  “They clearly want to get past this.  But sometimes you’ve got to fight a bit in order to work out a settlement that’s one you can live with.”

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