The potential recovery for New York state pensioners from existing shareholder litigation against Bank of America and Merrill Lynch apparently is not big enough to satisfy New York State Comptroller Thomas DiNapoli.
On Thursday DiNapoli, who is the sole trustee for New York’s $132.6 billion Common Retirement Fund, filed separate suits against Merrill and Bank of America in Manhattan federal district court, claiming the banks misled the New York pension fund about their exposure to subprime mortgage-backed securities in the run-up to their 2008 merger.
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