Motion to Dismiss Ohio Lawsuit Against Merrill Lynch and Bank of America Denied
A New York Federal District Court judge recently denied motions by Bank of America, Merrill Lynch and others to dismiss lawsuits filed against them involving two Ohio retirement pension funds. Ohio Attorney General Richard Cordray expressed approval of the judge's decision.The lawsuit, which could potentially recover billions of dollars for investors, alleges the defendants committed securities fraud by issuing false proxy statements and failing to properly disclose information to shareholders.
According to the lawsuit, the firms defrauded investors during the Merrill Lynch-Bank of America merger by failing to disclose substantial losses suffered by Merrill Lynch and back-room negotiations involving $5.8 billion in accelerated year-end bonuses to Merrill Lynch executives and employees. The lawsuit claims shareholders should have been made aware of these facts prior to voting to approve the merger.
"We will continue to move forward aggressively with this action to hold these companies and executives accountable," said Cordray.
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The law firm of David P. Meyer & Associates represents individual and institutional investors who have been harmed by investment fraud. Contact us toll-free at 1.866.827.6537 for more information.
Category: General
Labels: Ohio investment fraud
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