Tag Archives: 09 Civ. 02058

Class Action Plaintiffs Contend Bank of America-Merrill Proxy Claims Reflect Direct Shareholder Injury

In the class action alleging that Bank of America’s proxy statement for the Merrill merger failed to disclose massive expected losses at Merrill, the plaintiffs filed on Friday a 102-page omnibus opposition to the series of summary judgment motions we covered previously. In response to the principal defense argument — that any failure to disclose … Continue Reading

Judge Castel Considers Delaying Approval of Bank of America Derivative Settlement Pending Securities Class Action Trial

In a case we have followed closely, the parties to the derivative claims against Bank of America’s directors and officers relating to the Merrill Lynch and Countrywide acquisitions told Judge Castel today that they had executed a definitive settlement agreement, presumably reflecting the $20 million agreement in principle disclosed in April. In an interesting twist, … Continue Reading

Parties Cross-Move for Summary Judgment Concerning Bank of America-Merrill Merger Disclosure Claims

A securities class action before Judge Castel accuses Bank of America, Merrill Lynch and certain officers and directors of securities fraud and related violations for failing to disclose, before the shareholder vote to approve the Bank of America-Merrill merger, that Merrill was expecting enormous losses for the fourth quarter of 2008 and that Bank of … Continue Reading

Bank of America Derivative Settlement Challenged by Lawyers in Parallel Delaware Action

The proposed settlement of a derivative suit before Judge Castel concerning Bank of America’s acquisitions of Countrywide and Merrill Lynch is being challenged by lawyers in a parallel case in Delaware state court. The parties to the federal case told Judge Castel on April 12 that they had settled. The next day, the Delaware lawyers … Continue Reading
LexBlog