Merrill Lynch Secures Dismissal in CDO Suit

Skadden secured a dismissal with prejudice in favor of Merrill Lynch, Pierce, Fenner & Smith Incorporated in a lawsuit brought by Town North Bank concerning collateralized debt obligations that Town North purchased from Merrill Lynch as well as numerous other banks also named as defendants. On September 30, Judge Sam Lindsay of the U.S. District Court for the Northern District of Texas held that Town North's complaint alleging violations of federal securities laws, common law fraud and the Texas Securities Act failed to state a claim.