A federal judge has green-lighted key claims by Bank of America shareholders in a securities class action and a companion derivative suit challenging the bank’s disclosures in advance of its merger with Merrill Lynch.
Southern District Judge P. Kevin Castel ruled in In Re Bank of America Corp. Securities, Derivative and ERISA Litigation, 09 MD 2058, that the securities class action complaint adequately pleads that Bank of America did not make sufficient disclosures about the existence of a controversial $5.8 billion bonus pool to be used to pay Merrill employees before the merger.
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