NEW YORK -- A federal judge threw out investor litigation against Merrill
> Lynch & Co. (MER), saying people who lost money because of the dot-com
> meltdown were "high-risk speculators" who took unjustifiable risks during
> a volatile market.
> U.S. District Judge Milion Pollack in Manhattan said investors who are
> suing Merrill and its former top analyst, Henry Blodget, cannot twist
> federal securities laws into a "scheme of cost-free speculators'
> insurance."
> Dozens of investor lawsuits have been filed against Merrill, claiming
> Blodget and others issued overly bullish research reports to win lucrative
> investment-banking business and pump up their own salaries.
> In a 43-page opinion, the judge said investors can't lay the blame for the
> Internet bubble on Merrill, saying the law wasn't meant to encourage "a
> freewheeling casino that lured thousands obsessed with the fantasy of
> Olympian riches, but which delivered such riches to only a scant handful
> of lucky winners
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