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Ohio retirees to see refunds following Merrill Lynch’s bull

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in Human Resources

Ohio Attorney General Richard Codray announced that a settlement with Merrill Lynch means the State Teachers Retirement System will be among the investors set to gain after the brokerage firm misstated earnings expectations before the housing market tanked a year and a half ago.

The retirement system’s windfall: $475 million.

The state—along with other investors—sued Merrill Lynch for overstating the value of securities that were based on subprime mortgage investments.

According to the complaint, Merrill Lynch officers were touting the company’s stock almost up until the time it wrote down its subprime losses in May 2008, sending its stock price into a free fall.

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