BofA Beats Merrill Shareholders' Derivative Suits

Law360, New York (March 29, 2011, 9:06 PM EDT) -- A federal judge in New York on Monday dismissed derivative suits from former Merrill Lynch & Co. Inc. shareholders seeking to force parent company Bank of America Corp. to sue the executives allegedly responsible for Merrill’s ruinous subprime exposures.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York dropped the curtain on a consolidated derivative action and a similar, later-filed suit, ending the plaintiffs’ effort to recover Merrill $8 billion they said former CEO Stanley O'Neal and other executives...
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