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By Alison Knezevich, The Baltimore Sun | May 1, 2012
Baltimore County no longer plans to sue Merrill Lynch over a $21 million investment made in 2007, officials said Tuesday. County Executive Kevin Kamenetz had proposed a contract with two outside law firms to pursue a potential lawsuit, and County Council members were set to discuss the contract at a meeting Tuesday. The firms are Scott, Douglass & McConnico LLP, which is based in Austin, Texas, and Themis PLLC, which has offices in Washington, D.C., and Chevy Chase. But Kamenetz chief of staff Don Mohler said the outside attorneys told the county late last week that they were no longer interested.
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NEWS
By Janene Holzberg | November 19, 2013
Growing up in Camp Hill, Pa., which lies across the Susquehanna River from Harrisburg, Peter Della-Croce was a natural athlete who excelled at running cross-country and track. His childhood was typical of a close-knit family with small-town values except for one thing: His older brother John was born with intellectual and developmental disabilities. With the mind of a 5-year-old, John, who is 44 and lives with his parents, still believes in Santa Claus. Over the years, he has had a profound impact on Della-Croce's world view.
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NEWS
By Alison Knezevich, The Baltimore Sun | April 17, 2012
Baltimore County is considering a lawsuit against Merrill Lynch in hopes of recovering millions lost in a bad investment five years ago. County Council members met in a closed briefing with County Attorney Mike Field, members of County Executive Kevin Kamenetz's administration and the county auditor's office on Monday to discuss the matter. County Council Chairwoman Vicki Almond said it dealt with a $21 million investment made in 2007. Almond, a Reisterstown Democrat, said she believed all of the money was lost, though others who attended the meeting said the county lost most, but not all, of its investment.
NEWS
By Andrea Giampetro-Meyer and Karyl B. Leggio | September 19, 2013
After more than three years in the courts, Bank of America will pay $39 million to settle a gender bias case in its Merrill Lynch brokerage operation. The women who brought this suit allege executives at the brokerage favored male employees by giving them the more lucrative deal opportunities, the choice clients, and more frequent promotions and raises, and that women who complained experienced retaliation. The firm's history with minority employees is far from stellar. In the 1970s, the firm settled a suit and agreed to make its workforce more diverse; these initiatives were never fully implemented.
NEWS
By Katherine Marks and Katherine Marks,CONTRIBUTING WRITER | December 10, 1996
Merrill Lynch is still in the same building, but its address has changed -- the One Commerce Center building on Little Patuxent Parkway in Columbia's Town Center officially changes its name today to the Merrill Lynch Building.The public is invited to attend the 4 p.m. ceremony and an open house from 2 p.m. to 7 p.m. at the building. Howard County Executive Charles I. Ecker will take part in the dedication.Merrill Lynch has been at One Commerce Center for 12 years and recently signed a new, 10-year lease with Koll Management.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | July 24, 1992
Merrill Lynch & Co. will move its Baltimore office to the IBM-T. Rowe Price building at 100 E. Pratt St. in the first major lease to come to the newly expanded building since 1990.W. C. Pinkard & Co., the brokerage that holds the listing on the building, said the 630,000-square-foot building will now be 70 percent leased. The 300,000-square-foot addition is just over 50 percent leased, much of it to International Business Machines Corp. and T. Rowe Price Associates Inc., which are partners in the building.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | October 14, 2007
Will my shares of Merrill Lynch & Co. have a revival? - C.M., via the Internet It has acknowledged that it handled risks badly in subprime mortgages and other structured debt products. In fact, its global head of fixed income and the co-head of fixed income for the Americas recently left the firm. But it is still Merrill Lynch: It remains the nation's largest brokerage and a global financial powerhouse. The investment firm is to report a loss in the third quarter as it takes $5.5 billion in write-downs from collateralized debt obligations, known as CDOs, subprime mortgages and other debt products.
BUSINESS
By BLOOMBERG NEWS | February 28, 2006
NEW YORK -- Merrill Lynch & Co. Inc. will buy back as much as $6 billion of its stock, the company's biggest share repurchase, after a third straight year of record profit left it flush with cash. The buyback, announced yesterday, would include about 8.4 percent of outstanding shares based on yesterday's closing price. Merrill, the world's biggest securities company by market value, joins Goldman Sachs Group Inc., Lehman Brothers Holdings Inc. and Bear Stearns Cos. in using buybacks to boost returns to shareholders.
NEWS
September 8, 1997
...TC Westminster officials have approved plans for an office for the investment firm Merrill Lynch Pierce Fenner & Smith Inc. in the Longwell Building on Main Street.The property, at 77-79 E. Main St., was purchased by local developer David Max of Max Realty Inc. in Owings Mills. Max, who has developed several Main Street buildings, also recently purchased the 101-year-old Main Street fire station.Max said the new storefront will be finished by "about the first of the year." The name of the building won't change.
NEWS
February 13, 1998
The Westminster office of Merrill Lynch & Co. Inc. can hang out its awning -- but it required a vote by the Westminster Common Council to allow it.City standards allow only soft retractable awnings downtown, although some permanent aluminum-frame styles have been permitted along Main Street.Merrill Lynch probably will hang a black awning with white lettering, said Kevin R. Bell, a vice president at the Westminster office. The investment company opened its first Carroll County office last month at 81 E. Main St. in the renovated Longwell Building.
NEWS
By Alison Knezevich, The Baltimore Sun | May 1, 2012
Baltimore County no longer plans to sue Merrill Lynch over a $21 million investment made in 2007, officials said Tuesday. County Executive Kevin Kamenetz had proposed a contract with two outside law firms to pursue a potential lawsuit, and County Council members were set to discuss the contract at a meeting Tuesday. The firms are Scott, Douglass & McConnico LLP, which is based in Austin, Texas, and Themis PLLC, which has offices in Washington, D.C., and Chevy Chase. But Kamenetz chief of staff Don Mohler said the outside attorneys told the county late last week that they were no longer interested.
NEWS
By Alison Knezevich, The Baltimore Sun | April 25, 2012
A $21 million investment at the center of a legal debate in Baltimore County government was downgraded to junk status less than a month after the county purchased it in 2007, according to county documents. Details of the investment loss were included in a November 2007 letter sent to members of the former County Council and other county officials. The county is now considering suing Merrill Lynch, and has since stopped making similar investments. The letter, from County Administrative Officer Fred Homan, said the county bought commercial paper issued by Mainsail II LLC through Merrill Lynch on July 31, 2007.
NEWS
By Alison Knezevich, The Baltimore Sun | April 17, 2012
Baltimore County is considering a lawsuit against Merrill Lynch in hopes of recovering millions lost in a bad investment five years ago. County Council members met in a closed briefing with County Attorney Mike Field, members of County Executive Kevin Kamenetz's administration and the county auditor's office on Monday to discuss the matter. County Council Chairwoman Vicki Almond said it dealt with a $21 million investment made in 2007. Almond, a Reisterstown Democrat, said she believed all of the money was lost, though others who attended the meeting said the county lost most, but not all, of its investment.
EXPLORE
July 22, 2011
Douglas Erdman, co-owner and president of Community Realty Co., has been elected president of the board of the Arc of Howard County. Erdman is a resident of Ellicott City. Other officers are attorney Jane Chambers, vice-president; Ellicott City resident Ed Wilson, director of sales for Constellation Energy, secretary; and North Laurel resident Derward A. Brooks Jr., treasurer. Robert Topper is past president. Peter Della-Croce, a vice-president and senior financial analyst for Merrill Lynch; Jodie Gill Bedell, owner of Patrick's Hair Design; Eric Lewis, a vice president of BB&T; Michael Munoz, a vice president/commercial lending officer of Howard Bank; Pam Guzzone, a leadership and organizational development project manager at NASA's Goddard Space Flight Center; and Kim McKay, co-executive director of Parents for Parents, were elected to the Arc of Howard County Board of Directors.
BUSINESS
By Zachary A. Goldfarb and Zachary A. Goldfarb,The Washington Post | September 15, 2009
WASHINGTON - -A federal judge in New York Monday rejected a $33 million settlement between the Securities and Exchange Commission and Bank of America, throwing into doubt the future of one of the government's chief cases against a firm charged with wrongdoing in the financial crisis. Using biting language, Judge Jed Rakoff accused the SEC, Wall Street's top regulator, of trying to nab a quick victory against a big bank while concealing the facts of the wrongdoing the agency alleges. He attacked Bank of America's top executives for allegedly trying to protect themselves at the expense of the company's shareholders.
BUSINESS
August 4, 2009
Layoffs likely after GM fails to find enough early retirees DETROIT - About 6,000 General Motors Co. blue-collar workers have taken the latest round of early retirement and buyout offers, but it fell short of the company's goal, meaning more layoffs are likely. GM has about 54,000 factory workers and wants to end the year with 40,500, a cut of about 13,500. Monday's report means that about 7,500 too few workers took the offers, setting the stage for more layoffs. It was not immediately known how many workers from the GM transmission plant in White Marsh took the buyout.
NEWS
August 1, 2007
Allan G. Kenzie, a retired senior vice president and Merrill Lynch branch manager who was active in conservation efforts, died of Alzheimer's disease Friday at Chesapeake Woods Center Genesis Eldercare in Cambridge. The former Ruxton resident was 73. Mr. Kenzie was born in Prattsburgh, N.Y., and raised in Hemlock, N.Y., and Livonia, N.Y., where he graduated from high school in 1952. He attended North Carolina State University for a year, then transferred to Bucknell University, where he played varsity basketball and football.
BUSINESS
By New York Times News Service | April 18, 2008
NEW YORK -- Merrill Lynch & Co., the investment bank, posted a loss of nearly $2 billion yesterday and announced that it would cut about 4,000 jobs by the end of the year. The layoffs include 1,100 jobs - mostly in mortgage-related businesses - that have been cut this year. The bank reported worse-than-expected earnings for the first quarter, including $6.5 billion in write-downs and adjustments to assets in its mortgage, leveraged finance and other assets. The write-downs bring Merrill's total in the past three quarters to more than $30 billion.
NEWS
By Jacques Kelly and Jacques Kelly,jacques.kelly@baltsun.com | June 5, 2009
Joseph F. Welsh Jr., a retired official of the Baltimore office of investment bankers Merrill Lynch and a World War II veteran, died of pneumonia Monday at St. Joseph Medical Center. He was 84 and had lived in the Pinehurst/Cedarcroft neighborhood for many years. The Northeast Baltimore native attended Shrine of the Little Flower Parochial School and won a scholarship to Mount St. Joseph High School. At 16, he left school to support his three younger brothers after the death of their mother.
BUSINESS
By JAY HANCOCK | April 25, 2009
The choice that regulators gave Bank of America chief Kenneth Lewis could not have been clearer: Harm your shareholders or lose your job. Lewis chose to keep his job. Rarely does the divide between corporate managers and the owners they're supposed to represent become so obvious. Lewis' sworn testimony, made available this week, shows he reversed his decision to scrap a disastrous merger with Merrill Lynch after then-Treasury Secretary Henry Paulson threatened to fire him if the bank refused the deal.
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