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Source: NY, Merrill Lynch Settle

May 21, 2002

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NEW YORK (AP) _ Merrill Lynch & Co. and New York’s attorney general have agreed to settle charges that the firm’s analysts misled investors with their stock ratings so the company could win lucrative investment banking fees, a source told The Associated Press on Tuesday.

Terms of the agreement between Merrill Lynch and Eliot Spitzer were to be announced later Tuesday morning, according to a source familiar with the negotiations.

A spokeswoman for Spitzer had no immediate comment. A Merrill Lynch spokesman didn’t immediately return a telephone message seeking comment.

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