Cohen Milstein Sellers & Toll and Keller Rohrback Announce Final Approval of Merrill Lynch ERISA Settlement

Cohen Milstein Sellers & Toll PLLC and Keller Rohrback L.L.P., Co-Lead Counsel for the Class, announce that on August 21, 2009, the Honorable Jed S. Rakoff granted final approval of the ERISA settlement in In re Merrill Lynch & Co., Inc. Securities, Derivative and ERISA Litigation. This class action alleged breaches of fiduciary duty in violation of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), in connection with the acquisition and holding of Merrill Lynch stock in the Merrill Lynch & Co., Inc. 401(k) Savings and Investment Plan, the Merrill Lynch & Co., Inc. Retirement Accumulation Plan, and the Merrill Lynch & Co., Inc. Employee Stock Ownership Plan (collectively, the "Plans").

The settlement provides for a payment of $75 million to resolve the Class's claims. The Class consists of: (a) all current and former participants and beneficiaries of any of the Plans whose individual Plan account(s) included investments in Merrill Lynch stock at any time between September 30, 2006 and December 31, 2008, inclusive and (b) as to each Person within the scope of subsection (a) of this Paragraph, his, her or its beneficiaries, alternate payees (including spouses of deceased Persons who were participants of one or more of the Plans), Representatives and Successors-In-Interest, provided, however, that the Class shall not include any Defendant or any of their Immediate Family, beneficiaries, alternate payees (including spouses of deceased Persons who were Plan participants), Representatives or Successors-In-Interest, except for spouses and immediate family members who themselves are or were participants in any of the Plans, who shall be considered members of the Class with respect to their own Plan accounts.

"As Co-Lead Counsel for the Class of participants who held Merrill Lynch stock in the plans, we're pleased that the court has approved the settlement of this ERISA case," said Marc Machiz, a partner at Cohen Milstein who lead the litigation on behalf of his firm, including settlement negotiations. "Despite an uncertain legal climate, the settlement represents one of the largest settlements in an ERISA case of this type and is a fair compromise of the claims of the Plans' participants."

"This case was brought to vindicate the principal that those in charge of pension plans that invest in employer stock must heed warning signs that the stock has become an inappropriate investment, and to provide a recovery to thousands of Merrill Lynch employees who saw their retirement savings greatly diminished by the decline of Merrill Lynch's share price prior to its sale to Bank of America," said Machiz. "But there is more to be done to protect employees in 401(k) plan and Employee Stock Ownership Plans around the country, both to clarify the applicability of fiduciary duties to employer stock investments, and to constrain, by legislation if need be, highly concentrated investments of retirement assets in employer stock."

"The Court's approval of the Merrill Lynch ERISA settlement sends a strong message to fiduciaries of ERISA-protected plans that they will be held accountable if they fail to fulfill their obligations to plan participants," said Lynn Lincoln Sarko, the managing partner at Keller Rohrback who lead the litigation on behalf of his firm, including settlement negotiations. "Participants and beneficiaries of company-sponsored retirement plans that contain company stock should be aware that remedies are available to them," said Sarko. "We hope the Plans will distribute the Merrill Lynch ERISA settlement funds to the accounts of participants and beneficiaries before the end of the year."

For more information regarding the Merrill Lynch ERISA settlement, please visit http://www.merrilllyncherisasettlement.com.

For over 37 years, Cohen Milstein Sellers & Toll PLLC has been a pioneer in plaintiff class action lawsuits on behalf of victims of such abuses. By creating a group or class, individuals join to fight companies in court and enhance their ability to fight corporations who often have larger resources. As one of the premier firms in the country handling major complex class actions, Cohen Milstein, with more than 50 attorneys and offices in Washington, D.C., New York, Philadelphia, and Chicago, is a firm that specializes in cases concerning: Antitrust, Civil Rights & Employment, Consumer Protection, Employee Benefits, International Antitrust, Securities, and Human Rights.

Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. We are committed to helping employees and retirees protect their retirement savings. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron and WorldCom. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Keller Rohrback L.L.P.; Cohen Milstein Sellers & Toll

CONTACT:  Keller Rohrback L.L.P.
Lynn Lincoln Sarko, Attorney
(800) 776-6044
investor@kellerrohrback.com
www.erisafraud.com
Cohen Milstein Sellers & Toll PLLC
Marc Machiz, Attorney
(267) 773 4682
MMachiz@cohenmilstein.com
www.cohenmilstein.com

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