SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 24, 2000
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Merrill Lynch & Co., Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-7182 13-2740599
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
4 World Financial Center, New York, New York 10080
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
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On May 24, 2000, Merrill Lynch & Co., Inc., issued the following press release.
News
Merrill Lynch & Co., Inc.
World Headquarters
[LOGO] Merrill Lynch
North Tower
4 World Financial Center, Floor 31
New York, New York 10080
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Release date: May 24, 2000
For information contact:
Joe Cohen
(212) 449-7284
[email protected]
MERRILL LYNCH AND SUMITOMO CORPORATION ANNOUNCE
RESOLUTION OF ISSUES RELATED TO COPPER TRADING MATTER
(JOINT STATEMENT)
NEW YORK, May 24 -- Merrill Lynch and Sumitomo Corporation today
announced they have resolved all issues between them concerning losses
sustained by Sumitomo in connection with unauthorized copper trading. The
companies said they will resume normal business relations.
Sumitomo previously disclosed it lost $2.6 billion as a result of
unauthorized trading by one of its former copper traders, who is presently
serving an eight-year prison term for forgery and fraud in connection with the
unauthorized trading. Sumitomo has sued four other firms for more than $1.7
billion in connection with those losses, alleging that they knew or should
have known of the unauthorized conduct. Under the agreement announced today,
Merrill Lynch, without any admission of wrongdoing, will pay Sumitomo $275
million plus legal fees, and Sumitomo will release Merrill Lynch from any
claims stemming from the trading losses.
In a joint statement, Merrill Lynch and Sumitomo said, "We are very
pleased that in the spirit of mutual cooperation we have been able to resolve
this matter without resorting to expensive and protracted litigation. We have
great respect for each other as global institutions and as prospective
business partners, and we look forward to doing business together again."
Separately, Merrill Lynch said it has substantially provided for the
settlement, and the settlement will not have a material impact on earnings
reported in the 2000 second quarter.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
MERRILL LYNCH & CO., INC.
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(Registrant)
By: /s/ Andrea L. Dulberg
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Andrea L. Dulberg
Secretary
Date: May 24, 2000
