Seneca gaming corporation sues Merrill Lynch over $5M

Tuesday, March 2, 2010  

Seneca Gaming Corporation, the gaming arm of the Seneca Nation of New York, says it lost a $5 million investment due to bad advice from Merrill Lynch.

The corporation claims Merrill Lynch engaged in fraud and misrepresented the nature of the investment. The tribe's $5 million became worthless when the subprime mortgage market failed, according to the lawsuit.

Turtle Talk has posted documents from the case, which was filed in federal court last August.

Get the Story:
Seneca suit blames adviser for loss (The Buffalo News 3/1)