Overstock Reaches Settlement With Merrill Lynch
January 29 2016 - 4:07PM
Dow Jones News
By Josh Beckerman
Overstock.com Inc. (OSTK) said it reached a settlement with
Merrill Lynch Professional Clearing Corp., one of several brokers
it had accused of manipulation of Overstock shares.
The online retailer said the Bank of America Corp. (BAC) unit
paid $20 million to Overstock and its co-plaintiffs.
A Bank of America spokesman confirmed the settlement but
declined to comment further.
Overstock's February 2007 lawsuit accused the firms of "naked
short selling" and failing to deliver shares they sold, which drove
down Overstock's share price. The original suit sought damages of
about $3.5 billion from multiple brokers.
Overstock said Thursday that Merrill Lynch was the last
defendant and that it reached settlements with many of the
firms.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 29, 2016 15:52 ET (20:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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