In a huge win for shareholders, Southern District Judge Denny Chin took the unusual step Tuesday of lifting the statutory discovery stay in securities fraud lawsuits related to Bank of America’s acquisition of Merrill Lynch.
His order will give the plaintiffs access to the mountains of documents that Bank of America and related defendants have already turned over to Congress, the Securities and Exchange Commission, the New York Attorney General and other government entities scrutinizing the transaction. In addition, lawyers for the shareholders will be able to use transcripts of depositions taken by other investigators.
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