Wolf Haldenstein Adler Freeman & Herz announced that a shareholder lawsuit seeking class action status will be filed today over the proposed buyout of Merrill Lynch & Co. Inc (MER). According to a report by Reuters, the lawsuit, to be filed in New York State Supreme Court, claims that the terms of the $50 billion deal are inadequate for Merrill stockholders.
A Wolf Haldenstein attorney told Reuters that defendants will include Merrill, its board of directors, and Bank of America Corp. (BAC), which has agreed to buy Merrill.