A judge has given a green light to New Jersey’s lawsuit over its $300 million purchase of Merrill Lynch & Co. stock in 2008, which alleges the investment bank gave misleading information about its financial condition and welshed on its promise to treat all investors in the same stock offering equally.
Superior Court Judge Barry Sarkisian in Hudson County on April 23 denied a motion to dismiss the case, State v. Merrill Lynch & Co., L-3855-09, and allowed the state to proceed with all of its claims: breach of contract; negligent misrepresentation; and breach of the covenant of good faith and fair dealing.
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