Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, February 1, 2008

Merrill Lynch Buys Back CDOs Sold to Springfield

Merrill Lynch repurchased CDOs that it sold to Springfield, Massachusetts last spring at the original sale price of $13.9 million.  The CDOs are currently worth about $1.2 million.  Merrill Lynch said its investigation showed that the city did not authorize the purchase.   The Massachusetts Attorney General said it was continuing its investigation.  WSJ, Merrill Pays Back Springfield, Mass., For CDO Purchase.

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