Securities & Investment Fraud

Bank of America Merrill Lynch Merger Securities Cases

Result: Confidential settlement
Year: 2013

In two cases — DiNapoli, et al. v. Bank of America Corp., No. 10 CV 5563 (S.D.N.Y.) and Schwab S&P 500 Index Fund, et al. v. Bank of America Corp., et al., No. 11-cv- 07779 PKC (S.D.N.Y.) — Lieff Cabraser sought recovery on a direct, non-class basis for losses that a number of public pension funds and mutual 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.

Lieff Cabraser represented the New York State Common Retirement Fund, the New York State Teachers’ Retirement System, the Public Employees’ Retirement Association of Colorado, and fourteen mutual funds managed by Charles Schwab Investment Management. Both cases settled in 2013 on confidential terms favorable for our clients.