BofA Tries To Nix Merrill Employee Benefits Action

Law360, New York (February 8, 2011, 3:25 PM EST) -- Bank of America Corp. is trying to nix a putative class action alleging Merrill Lynch & Co. Inc. falsely represented to employees that regulations required them to maintain company brokerage accounts, arguing federal securities law bars such a suit.

The bank filed a motion Monday for judgment on the pleadings in the U.S. District Court for the Central District of California, saying the plaintiffs' claims are not allowed under the Securities Litigation Uniform Standards Act of 1998.

Former Merrill Lynch financial consultants originally filed the suit...
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