Merrill Lynch is back on the Hook for the Illinois Funeral Scam. That would be the Illinois Funeral Directors Association(IFDA) Preneed Trust Scandal. The 18 million dollar payment agreement regulators took in return for no further investigations has been thrown out by a Cook County Judge.
A Cook County judge has ruled that state regulators overstepped their authority last spring when they extracted $18 million from Merrill Lynch to settle allegations that the financial giant violated state law in its dealings with the Illinois Funeral Directors Association.
This is the Illinois Funeral Directors Association Lawsuit News.
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There is more information on this matter here.
Earlier this month, the Department of Insurance amended the settlement agreement so funeral directors can draw from the $18 million fund without releasing Merrill Lynch from liability. Anjali Julka, department spokeswoman, said the revised order could result in “immediate distribution” of the $18 million to funeral directors.