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3G/HSPA

MetroPCS Sues Merrill Lynch

9:00 AM -- Low-cost wireless provider MetroPCS Inc. (NYSE: PCS) is suing its brokerage, Merrill Lynch & Co. Inc. , for making what it calls "risky investments."

The carrier is alleging that Merrill invested $133.9 million of its money in securities underwritten by Merrill and backed by pools of mortgages and other assets.

It'll be curious to see if the suit will have any impact on the continuing market chatter about Leap Wireless International Inc. (Nasdaq: LEAP). MetroPCS has continued to be one of the main names in speculation about a possible acquisition.

— Dan Jones, Site Editor, Unstrung

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