Thomas J. DeBenedictis alleged that Merrill Lynch and affiliates violated federal securities law by selling Class B shares of mutual funds without disclosing that they carried higher expenses and produced lower yields than other classes of shares. But the district court dismissed his complaint, holding that he filed suit too late. The Third Circuit affirmed. It concluded that "storm warnings" put Mr. DeBenedictis on "inquiry notice" more than two years before he sued. DeBenedictis v. Merrill Lynch & Co., Inc., No. 06-1867 (9th Cir. June 18, 2007).