Argentina family sues Merrill Lynch (Cayman)

An Argentina-based family is suing Merrill Lynch's operation in the Cayman Islands and New York for $1.3 million, alleging mismanagement of funds held in a trust. The beneficiaries of the Trust of Raquel Calles de Edelman claim that Merrill Lynch money managers in the Isle of Man lost that amount by altering the Trust's investment profile from "conservative" to "moderate to aggressive" without authorization.