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 America and Merrill had agreed to set aside up to $5.8 billion for Merrill bonuses.  The parties today cross-moved for summary judgment. The class plaintiffs (represented by Bernstein Litowitz) moved for partial summary judgment to establish that the pre-merger disclosures about the effect of the deal on earnings were both false and material:
Continue Reading Parties Cross-Move for Summary Judgment Concerning Bank of America-Merrill Merger Disclosure Claims