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Case Center
Charles Schwab Corp. Securities Litigation
- Issue: Securities fraud
The Charles Schwab Corp. v. Bank of America Corp.
Lieff Cabraser represents fourteen mutual funds of The Charles Schwab Corporation in an independent securities action against Bank of America Corporation. The action seeks recovery of losses that these funds incurred as a result of Bank of America's alleged 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. The complaint was recently filed in the Northern District of California and transferred to the MDL proceeding in the Southern District of New York.
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