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GARTENBERG v. MERRILL LYNCH ASSET MANAGEMENT, INC.

Nos. 79 Civ. 3123(MP), 79 Civ. 5726(MP).

528 F.Supp. 1038 (1981)

Irving L. GARTENBERG, Plaintiff, v. MERRILL LYNCH ASSET MANAGEMENT, INC., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Ready Assets Trust, Defendants. Simone C. ANDRE, Plaintiff, v. MERRILL LYNCH READY ASSETS TRUST and Merrill Lynch Asset Management, Inc., Defendants.

United States District Court, S. D. New York.

December 28, 1981.

Attorney(s) appearing for the Case

Pomerantz, Levy, Haudek & Block, by Stanley M. Grossman, Stephen P. Hoffman, Bruce G. Stumpf, New York City, for plaintiff Irving L. Gartenberg.

Silverman & Harnes, by Sidney B. Silverman, Joan T. Harnes, Martin H. Olesh, New York City, for plaintiff Simone C. Andre.

Brown, Wood, Ivey, Mitchell & Petty, by James B. May, James K. Manning, A. Robert Pietrzak, New York City, for defendant Merrill Lynch Ready Assets Trust.

Rogers & Wells by William P. Rogers, Stanley Godofsky, James N. Benedict, Anne D. Neal, New York City, for defendants Merrill Lynch Asset Management, Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc.

FINDINGS AND OPINION

MILTON POLLACK, District Judge.

Preliminary

Over 1,100,000 persons and institutions were at the time of trial herein shareholders in a money market fund whose net assets at that time exceeded $19 billion, known as the "Merrill Lynch Ready Assets Trust" (the "Fund" hereafter). Two individual shareholders, Irving Gartenberg and Simone Andre, have brought this suit under Section 36(b) of the Investment Act of 1940, 15 U...

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