No. of Recommendations: 0
It was bound to happen sooner or later:

Lawyer in Blodget Settlement Says More Suits Are Possible

Nowadays, nobody has to take any responsibility, and the motto is "if you screw up, sue somebody".

Short version of the story:

A guy lost $500000 on InfoSpace (INSP), because his Merrill Lynch broker told him not to sell when it was at $60 (now it's $3). The broker said, "well, Blodgett's bullish on it". They all settled for $400000 from Merrill Lynch, claiming that there was a "conflict of interest" between M-L and INSP (there most likely wasn't).

The lawyer is so delighted about this that he's got 3 or 4 other similar suits in the works.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.