Known as Merrill Lynch & Co., Inc. until January 2009, Merrill Lynch is an asset management firm that is a subsidiary of Bank of America. Currently, Merrill Lynch is the world's largest brokerage firm , managing upwards of $2.2 trillion in client assets. From overseeing personal retirement accounts and providing commercial lending to underwriting corporate liability insurance and structuring landmark transactions, Merrill Lynch is a financial powerhouse that prides itself on innovation, leadership and ethical behavior.
Merrill Lynch: Range of Global Services
Services provided by Merrill Lynch include (but are not limited to) providing clients with a diverse range of quantitative market research and analysis, professional advice regarding market trends, and the ability to trade portfolios, opportunities and futures. Merrill Lynch operates in 36 countries (on five continents) and provides online services in an effort to allow clients seamless access to their accounts.
In addition to managing assets for other financial institutions and the gaming industry, Merrill Lynch provides services to a broad range of industries that include both small businesses and world-wide corporations. Some of the industries that Merrill Lynch services include the:
- energy and power industries
- environmental industry
- healthcare industry
- media and technology industries
- real estate industry
- retail and customer service-oriented industry
Protecting Your Assets: Behind the Curtains of Merrill Lynch
Despite its legacy, intellectual capital, and up-to-date technology, Merrill Lynch has come under recurring scrutiny for its failures to not only meet expectations but to also blatantly and negligently mismanage funds, personal information, and – most importantly – its clients' trust.
Some of recent lawsuits filed against Merrill Lynch include cases regarding:
- Charging clients undisclosed trading fees
- Misleading statements and information regarding retirement funds – specifically alleging that Merrill Lynch advisers neglected to provide all of the facts and led clients to believe that the mortgages underlying their retirement funds met the necessary requirements when, in fact, they did not
- Misusing clients' personal information, namely during the trade of a corporation
- Operating a proprietary trading desk from 2003 through 2005 (known as the Equity Strategy Desk ) that solely traded to maintain Merrill Lynch's equity, rather than acting on behalf of a client
Have You Been Wronged?
You work hard for your money; it's important that you can trust your financial adviser to act in your best interest. If you believe that you've been wronged, contact a skilled securities and stock fraud attorney at our firm today. We will discuss your circumstances in an initial consultation and explain your legal rights in detail.