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Bank of America Securities
- Issue: Misrepresentations during merger
DiNapoli v. Bank of America Corp., No. 10-cv-5563 (S.D.N.Y.)
Lieff Cabraser, together with co-counsel, represents the New York State Common Retirement Fund, the New York State Teachers' Retirement System, and the Public Employees' Retirement Association of Colorado in an independent securities action against Bank of America Corporation. The action seeks recovery of losses that these retirement funds incurred as a result of Bank of America's misrepresentations and concealment of material facts in connection with its acquisition of Merrill Lynch & Co., Inc.
Specifically, Bank of America failed to inform its shareholders, before the December 5, 2008 vote on the Bank of America-Merrill Lynch merger, of Merrill Lynch's tremendous fourth quarter 2008 losses, as well as its plans to give billions of dollars in performance bonuses to Merrill Lynch employees despite those losses. Bank of America recently answered the complaint and discovery is ongoing.
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