Dutch Pension Fund Takes Aim At BofA, Merrill Deal

By Eric Hornbeck

Law360, New York (March 17, 2010, 5:08 PM ET) -- Europe's largest pension fund has sued Bank of America Corp. and a score of executives for hiding bonus payouts and "massive" losses during the banking giant's 2008 takeover of Merrill Lynch & Co.

Stichting Pensioenfonds ABP filed the case Tuesday in the U.S. District Court for the Southern District of New York, alleging that BofA "negligently failed" to disclose billions of dollars in bonuses to Merrill employees, inadequate due diligence and "massive" fourth-quarter losses at Merrill.

The Heerlen, Netherlands-based pension fund alleged that BofA omitted the...
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