Bank of Butterfield caught up in US stock scandal

The Bank of Butterfield has been caught up in a stock scandal that has hit some of Wall Street’s best-known brokerage houses.One of the bank’s clients – American Michael Morse – has been accused of ripping off brokers through a scam involving the technique of ‘short selling’.Butterfield was named as a defendant in a court action brought at Bermuda Supreme Court this week by giant US investment firm, Merrill Lynch.