N.Y. Gives Merrill Extension on Disclosure
The state wants the brokerage to disclose conflicts of interest between stock research and investment banking.
Merrill Lynch
(MER)
on Thursday won an extension of a court order by New York state to disclose potential conflicts of interest between its stock analysis and investment banking.
Reuters
reported that the deadline, which had been set for 5 p.m. Thursday, was extended to April 19, a Merrill spokesman said.
New York Attorney General Eliot Spitzer, who accused the firm of putting out favorable recommendations to garner investment banking deals, wants the Wall Street giant to
disclose potential conflicts. Spitzer said he will seek the same from other brokerages.
Merrill shares closed down $4.02, or 7.9%, at $46.90.
