NEW YORK, June 30 /PRNewswire/ -- Merrill Lynch said today that, without
admitting or denying wrongdoing, it has agreed to settlements with the
Commodity Futures Trading Commission and London Metal Exchange to resolve all
regulatory matters pertaining to its former dealings with Sumitomo Corporation
in connection with that company's copper trading activities.
Merrill Lynch entered into the settlements to bring closure to these
regulatory proceedings and to avoid the expense and distraction of protracted
litigation. The terms provide for payments of $15 million to resolve the CFTC
matter and 6.5 million pounds (US$10 million) to resolve the LME matter.
The business transactions at issue occurred nearly four years ago between
Merrill Lynch and Sumitomo, one of the world's largest corporations and
merchandisers of copper, and involved copper trading and position financing.
SOURCE Merrill Lynch & Co., Inc.
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CONTACT:
Bill Halldin of Merrill Lynch, 212-449-7284
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