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. Last Updated: 07/27/2016

Slovnaft Suing Merrill




BRATISLAVA, Slovakia -- Slovakian oil refiner Slovnaft AS said Tuesday it had filed a $75 million lawsuit in New York State Supreme Court against Merrill Lynch International, a subsidiary of Merrill Lynch & Co.


According to a statement from Slovnaft, the complaint alleges that Merrill Lynch misled the refiner during a loan arrangement program between 1994 and 1997.


A Merrill spokesman said the suit was completely unwarranted and that Merrill would defend itself "vigorously."


Slovnaft is alleging "that Merrill Lynch structured four speculative derivative transactions so as to generate undisclosed financial benefits for itself and/or its affiliates," the refiner said in a statement.