N.Y. Attorney General Requires More Disclosure From Merrill Lynch

The New York state attorney general obtained a court order on Monday requiring Merrill Lynch (MER Quote) to disclose conflicts of interest between its research and investment banking businesses after an investigation by the office concluded that the firm's advice was tainted.

"This was a shocking betrayal of trust by one of Wall Street's most trusted names," state Attorney General Eliot Spitzer said in a statement. "The case must be a catalyst for reform throughout the entire industry."

The latest attempt to clean up Wall Street research in the post-Internet bubble era follows a 10-month long investigation into Merrill, in which Spitzer alleged that research analysts at the firm gave high recommendations for stocks in order to win investment banking business. ...