Lawyers at Kaplan Fox & Kilsheimer had deposed Bank of America Corp. chief executive officer Brian Moynihan and submitted a jury questionnaire and verdict form in a high-profile securities case when both sides struck a settlement three weeks before trial. A big one.
"We were basically ready to go," said Robert Kaplan, whose 24-attorney firm was one of three that reached the $2.43 billion deal to resolve claims that bank directors and officers misled investors about the financial health of Merrill Lynch & Co. Inc. before it acquired that firm in 2008. The agreement, announced on September 28, was the largest securities class action settlement to emerge from the financial crisis. It is awaiting approval by U.S. District Judge Kevin Castel in New York.
