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Merrill Lynch Settles Suit Involving Internet Stock Analysts Sued
Merrill Lynch has paid about 80 cents on the dollar to settle a claim that its star Internet analyst did not have a reasonable basis to recommend a stock and that the firm had an undisclosed conflict of interest.
The claim involved the recommendation to buy InfoSpace, The investor lost over $500,000 and claimed that Merrill Lynch was biased in its recommendation. The firm failed to disclose that, the day before Blodget reiterated his "buy' rating on the stock, Merrill Lynch investment bankers had met with Go2Net, Inc. to serve as an investment adviser in its $4 billion sale to InfoSpace.
Source: Chicago Tribune, July 22, 2001
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