Ohio Attorney General Richard Cordray announced that the new complaint alleges statements made in 2008 regarding the BofA merger with Merrill Lynch kept under wraps billions of dollars in known losses and billions more in accelerated agreed-upon bonuses to be paid to Merrill Lynch executives and employees (see Pension Plans Named as BofA Suit Lead Plaintiffs ).
The Lead Plaintiff group includes: the State Teachers Retirement System of Ohio; the Ohio Public Employees Retirement System; the Teacher Retirement System of Texas; Stichting Pensioenfonds Zorg en Welzijn, represented by PGGM Vermogensbeheer B.V.; and Fja?rde AP-Fonden.
“They were concealing billions of dollars in losses with one hand and clearing the way for extravagant bonus payments with the other,” said Cordray, in the news release. “This case gives the public pension funds and other shareholders a chance to stand up against Wall Street.”
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