• Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
Securities Docket
FTI 480x60
  • Class Actions
  • Criminal
  • Global
  • People
  • SD Insider
  • SEC
  • Video
  • Subscribe by email
  • Subscribe
Browse: Home / 2009 / January / 22 / Shareholders File Class Action Against Bank of America Alleging Failure to Disclose Huge Merrill Lynch Losses

Shareholders File Class Action Against Bank of America Alleging Failure to Disclose Huge Merrill Lynch Losses

By Securities Docket on January 22, 2009, 6:29 am

Shareholders of Bank of America filed a securities class action against the bank yesterday alleging that it failed to disclose about $15.3 billion in losses sustained by Merrill Lynch & Co. before the shareholder vote on its acquisition.  Bloomberg reports that the Dec. 5 vote on whether to buy the bank “was based on an Oct. 31 proxy statement that hadn’t been revised to account for the investment firm’s poor performance in the fourth quarter of 2008.”

The lawsuit, filed in the SDNY, alleges that “despite his knowledge of Merrill Lynch’s staggering losses,” Bank of America Chairman Kenneth Lewis didn’t relay that information to the bank’s investors and allowed the deal to close.

Read the Bloomberg article

Blog Widget by LinkWithin

Posted in Class Actions | Tagged M&A Cases

« Previous Next »

Subscribe

‘Enforcement 40’ for 2020

Ankura 260x250

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2022 Securities Docket.

Powered by WordPress and Hybrid.