Merrill Lynch wins lawsuit over share sale

Champagne Jean Scheijen

Bank of America’s Merrill Lynch unit won a lawsuit against a Portuguese investment firm over a disputed share sale that’s the subject of an Italian market-abuse probe.

Bloomberg reports that Amorim Partners won’t be able to defend its decision not to pay for 150,000 Saipem shares it agreed to buy from Merrill in January 2013, Judge Nicholas Hamblen said Friday in granting the bank’s request for an early ruling, without the need for a trial.

Amorim, a family-owned investment firm, said it was misled by the bank when Saipem issued a profit warning the day after the deal. Hamblen said the bank’s evidence was that its employees didn’t know about the impending profit warning, and it had held an internal review that didn’t uncover any impropriety.

To access the complete Bloomberg article hit the link below:

BofA's Merrill Wins Court Ruling Against Amorim on Saipem Shares 

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