As previously discussed in detail here, Merrill Lynch and one of its subsidiaries face allegations from a Sydney businessman that they engaged in what would reportedly be “the biggest case of insider trading in [Australia’s] corporate history.” Today, Merrill Lynch shot back with a definitive statement rejecting the allegations:
“Merrill Lynch completely rejects the allegations of insider trading which have been the subject of recent press coverage. Merrill Lynch has already commenced proceedings to recover in excess of $9 million owed to it by How Trading and David Waterhouse. These proceedings are set down for trial next Tuesday.”
