Bank of America urges dismissing investor lawsuit
November 30, 2009
Bank of America Corp (BAC.N) has asked a Manhattan federal court to dismiss an investor class-action lawsuit over its Merrill Lynch & Co purchase, including disclosures about Merrill’s losses and bonus payouts.
In an 87-page filing on Tuesday night, the largest U.S. bank said the plaintiffs failed to allege that anyone was misled about $3.6 billion of bonuses that Merrill paid, and that it was well-publicized that payments would be made.
Bank of America also said “it was no secret” that Merrill was losing money, and that it had no legal obligation to reveal Merrill’s losses and outlook on an “ad hoc” basis, which it said could have whipsawed investors in unsettled markets.
Read Article: Reuters
Posted By: Arizona Phoenix Catastrophic Injury Attorney
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