Louis Brown’s Street Smart Systems » Bank of America investor suit wins class-action status

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Bank of America investor suit wins class-action status

February 7th, 2012

Filed under: News — Louis Brown @ 4:12 am

A federal judge on Monday approved class-action status for a lawsuit by Bank of America investors over the bank's 2008 purchase of Merrill Lynch, the San Francisco Business Times reports. The suit accuses the bank and some of its senior executives and directors of fraudulently misleading them about the 2008 takeover of Merrill Lynch, and takes issue with the size of Merrill Lynch's losses and bonus payments at the time. Class-action status increases the likelihood of a substantial award if shareholders win the suit…

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