{"id":4624,"date":"2008-06-23T18:36:47","date_gmt":"2008-06-23T18:36:47","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/06\/another_lawsuit_against_former"},"modified":"2021-09-20T15:42:32","modified_gmt":"2021-09-20T20:42:32","slug":"another-lawsuit-against-former","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/another-lawsuit-against-former\/","title":{"rendered":"Another Lawsuit Against Former Merrill Lynch Research Analyst Henry Blodget is Dismissed Due to Loss Causation"},"content":{"rendered":"

\t\t\t\tThe U.S. District Court for the Southern District has dismissed a securities fraud lawsuit filed by investor Nicholas Vale against ex-Merrill Lynch Internet Group head Henry Blodget on the grounds that Vale failed to factually show how the defendant’s fraud caused his investment losses.<\/p>\n

In his lawsuit, Vale accused Blodget of issuing bogus positive reports about Internet Capital Group Inc. and B2B Internet HOLDRs, an exchange traded fund. He says that he depended on reports by Blodget and Merrill Lynch when he bought almost 3,000 ICGE stock shares for about $300,000 in 1999 and he would not have bought the shares if not for Blodget’s reputation as a research analyst.<\/p>\n

In 2002, the New York State Attorney General’s Office accused Merrill Lynch, Pierce, Fenner & Smith Inc.<\/a>, Merrill Lynch & Co. Inc.<\/a>, and Blodget of regularly issuing false or misleading recommendations about Internet-based stocks to try and increase the firm’s underwriting business. Merrill Lynch settled the allegations with a $100 million fine. Vale, who says that he suffered major losses after selling the shares in 2000, is one of a large number of investors that have filed lawsuits accusing Merrill Lynch and Blodget of securities fraud<\/a>.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. District Court for the Southern District has dismissed a securities fraud lawsuit filed by investor Nicholas Vale against ex-Merrill Lynch Internet Group head Henry Blodget on the grounds that Vale failed to factually show how the defendant’s fraud caused his investment losses. In his lawsuit, Vale accused Blodget of issuing bogus positive reports […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-4624","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nAnother Lawsuit Against Former Merrill Lynch Research Analyst Henry Blodget is Dismissed Due to Loss Causation — Investor Lawyers Blog — June 23, 2008<\/title>\n<meta name=\"description\" content=\"The U.S. District Court for the Southern District has dismissed a securities fraud lawsuit filed by investor Nicholas Vale against ex-Merrill Lynch — June 23, 2008\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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