Case Caption: In re Bank of Am. Corp. Sec., Deriv. & Emp. Ret. Income Sec. Act (ERISA) Litig.
Case Number: No. 1:09-md-00258-PKC
Court: Southern District of New York
Judge: Honorable P. Kevin Castel
Plaintiffs: State Teachers Retirement System of Ohio, Ohio Public Employees Retirement System, Teacher Retirement System of Texas, Stichting Pensioenfonds Zorg en Welzijn, represented by PGGM Vermogensbeheer B.V., and Fjärde AP-Fonden
Defendants: Bank of America Corporation, Merrill Lynch & Co., Inc., Banc of America Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Kenneth D. Lewis, John A. Thain, Joe L. Price, Neil A. Cotty, William Barnet III, Frank P. Bramble, Sr., John T. Collins, Gary L. Countryman, Tommy R. Franks, Charles K. Gifford, Monica C. Lozano, Walter E. Massey, Thomas J. May, Patricia E. Mitchell, Thomas M. Ryan, O. Temple Sloan, Jr., Meredith R. Spangler, Robert L. Tillman, and Jackie M. Ward
Overview: The Firm obtained a $2.425 billion settlement in litigation against Bank of America (BoA) relating to its merger with Merrill Lynch & Co. (Merrill). Our clients, Dutch National pension fund PGGM and Swedish National pension fund AP4, alleged that BoA gave shareholders false and misleading information about Merrill’s financial condition and obligations prior to a key vote on the merger. The settlement, which included an undertaking to improve corporate governance policies, was the 6th-largest ever in a securities class action and the largest so far to come out of the subprime meltdown and credit crisis.