An arbitration panel has ordered Merrill Lynch to pay an investor $1.4 million in a case that called into question the value of the collateralized loan obligation investments the firm sold.

Bobby L. Hayes, a 68-year-old Incline Village, Nev., resident and retired chemical engineer, invested $883,000 in series E tranche investments in collateralized loan obligations that had already lost its value when he bought them in August 2007, his lawyer Thomas Bradley, who is based in Reno, Nev., said.

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