The bad news is not stopping at Merrill Lynch. Last week former shareholders of the Internet Strategies Fund filed a class action lawsuit piggybacking on earlier controversy. Those suing claim that Merrill's research on Internet stocks harmed the performance of the mutual fund. Last week Merrill settled a New York State investigation into the practices of its research department by agreeing to pay a $100 million settlement. The fund lost more than 82 percent from its opening until it was merged into the Merrill Lynch Global Tech Fund in October 2001. 

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