BofA investor lawsuit wins class-action status
Legal Topics | 2012/02/08 17:38
Investors suing Bank of America Corp won class-action status for their lawsuit accusing the bank of fraudulently misleading them about the 2008 takeover of Merrill Lynch & Co and the size of Merrill's losses and bonus payouts.

U.S. District Judge P. Kevin Castel in Manhattan on Monday rejected the second-largest U.S. bank's argument that the investors could not prove they suffered losses by relying on materially misleading statements or omissions.

Among the other defendants who were also sued and opposed class certification were former Bank of America Chief Executive Kenneth Lewis, former Merrill Chief Executive John Thain, former Bank of America Chief Financial Officer Joe Price, and Bank of America's board of directors.

Lewis had won initial praise for saving Merrill from possible collapse when he agreed to buy it on September 15, 2008, the day Lehman Brothers Holdings Inc went bankrupt.

But investors later faulted the bank for not disclosing the scope of Merrill's soaring losses, which reached $15.84 billion in the fourth quarter of 2008, before December 2008 shareholder votes on the merger. They also objected to Merrill's having paid $3.6 billion of bonuses despite the losses.


[PREV] [1] ..[1920][1921][1922][1923][1924][1925][1926][1927][1928].. [2682] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
Probation for woman who wiped up ..
Family loses Supreme Court bid to..
Massachusetts governor signs bill..
Louisiana Supreme Court’s chief ..
Abortion clinic goes before judge..
Court reinstates ban on lobster g..
Wisconsin Supreme Court disallows..
Court denies request for emergenc..
States brace for fight over gun l..
Construction to begin on roadway,..
Supreme Court rules against Navaj..
Wisconsin Supreme Court says COVI..
Man denies kidnapping charge in a..
German federal court mulls bid to..
Pakistani court orders probe into..
Kansas Supreme Court upholds Repu..
Man denies killing mother at sea ..
Abortion rights protesters rally ..
Tennessee, South Carolina extend ..
Connecticut Senate OKs bill that ..




St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
Bar Association Website Design
Bar Association Member Management
www.lawpromo.com
San Bernardino County DUI Lawyers
San Bernardino Criminal Defense Lawyers
www.bullardpowell.com
Indianapolis, IN Personal Injury Law Firm
Indian Personal Injury Attorneys
www.williamspiatt.com
New York Dental Malpractice Attorney
DUI Lawyer
dentalmalpracticenewyork.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Web Design For Korean American Lawyers
Korean American Lawyer Website Design
romeoproduction.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Family Lawyer Rockville Maryland
Rockville Divorce lawyer
familylawyersmd.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved. Legal Marketing Blog. The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

Affordable law firm website design by Law Promo