Merrill Lynch Clients Get Class Certification in Cash Sweep Suit

Merrill Lynch account holders met the federal requirements to move forward with their lawsuit against the financial institution as a certified class, a federal court in New York ruled Thursday.

The class, led by Sarah Valelly, met the class requirements of Federal Rules of Civil Procedure 23, Judge Valerie E. Caproni ruled, granting a motion for certification. The class is sufficiently numerous and common, their claims are typical of one another, and the members’ interests and their counsel are adequate. The grouping also is sufficiently cohesive to meet Rule 23(b)(3)'s predominance requirement, and a class action is the superior form ...