Merrill settles.

Australasian Business Intelligence, May, 2002

May 28, 2002 (The Economist

ABIX via COMTEX) -- Merrill Lynch is now preparing itself for the next stage of the conflict with New York state's attorney-general, Eliot Spitzer. The firm was accused of having too close ties between its research analysts and investment bankers. The matter has been settled for the time being with a $US100m settlement, reached in mid-2002. Spitzer may turn his attention to other firms. Possible targets include CSFB and Citigroup. It is unclear how further investigations of Merrill could be justified. Merrill and other companies will now make sure that information they have in their electronic mail systems will not be used as evidence against them.

Publication Date: 25 May 2002

MERRILL LYNCH AND COMPANY

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