The TSC Streetside Chat: Securities Lawyer Nathan Finch

Merrill Lynch (MER Quote) settled this week with New York's attorney general and told investors it was sorry. But the firm's troubles may be far from over.

Paying a $100 million fine will shield Merrill and its officers from criminal prosecution in the case, which stems from claims that the company's research misled investors. Still, individuals have yet to be compensated. With scores of civil suits already filed and investor losses in recent years reaching into the billions of dollars, the firm could yet face massive civil liability, observers say.

To get a handle on Merrill's prospects in court and to determine how the New York settlement could affect the outcome, TheStreet.com talked to Nathan Finch, a securities attorney at Caplin & Drysdale in Washington. Drysdale has represented individuals and companies in securities and financial fraud litigation. ...