Merrill Lynch Lawyers Deny Insider Trading Allegation

Post by NeilMc on June 10, 2009 · Under Company News · Comment 

The legal team for investment banking giant Merrill Lynch has denied allegations that it committed insider trading on behalf of its client at the time, David Waterhouse. The investment bank is seeking to recover trading losses from Mr. Waterhouse.

Merrill Lynch initiated legal action to recover what it says is more than $9 million that it is owed by Mr. Waterhouse and his account held with Merrill subsidiary Berndale Securities known as How Trading.

Lawyers for Merrill Lynch submitted to the Victorian Supreme Court, that the accusation levelled by Mr. Waterhouse has no bearing on the case and also alleges serious criminality.

SC Paul Anastassiou for Merrill said that Mr. Waterhouse was essentially claiming that the investment bank was obligated to break the law on his behalf.
Mr. Waterhouse has initiated a $4 million counter suit through How Trading for unjust enrichment and damages for breach of contract.

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