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State officials and attorneys for the Louisiana Stadium and Exposition District, which oversees the Mercedes-Benz Superdome and the New Orleans Arena, claim Merrill Lynch duped them and other municipalities into a securities market that was artificially propped up by the investment bank. And now, attorneys are anxious for the case to make its way through federal court in New York, as they express confidence that they can be the first to win litigation similar to other cases judges already have dismissed.
EDITOR'S NOTE: This story has been updated throughout. WASHINGTON (Reuters) - A Credit Suisse Group Ltd. unit and Bank of America Corp.'s Merrill Lynch will collectively pay $7.5 million after U.S. brokerage regulators accused them of misrepresenting delinquency data for securitized subprime mortgages.
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