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Administration September 29, 2009
Lead Plaintiff Group in BofA Suit over Merrill Deal Files Amended Suit
September 29, 2009 (PLANSPONSOR.com) - The lead
plaintiff group in the pending class action lawsuit against
the Bank of America (BofA) over its acquisition of Merrill
Lynch has updated its federal court complaint in the
case.
Reported by Fred Schneyer
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.”
A copy of the latest complaint in the case is available here .More information about Cordray’s statement is here .