This action was brought derivatively on behalf of Merrill Lynch & Co., Inc., the beneficiary of the action, to recover for damage sustained by the corporation as a result of defendants' alleged abdication of their responsibilities as corporate directors. The complaint asserts that a breach of fiduciary duty by the directors facilitated the perpetration of a $900-million illegal securities "parking scheme" with a now-defunct Florida insurer, Guaranty Security Life Ins...
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