Shareholder Opts Out Of BofA-Merrill MDL, Sues For $10M

Law360, New York (September 11, 2012, 7:41 PM EDT) -- A Bank of America Corp. shareholder who opted out of a consolidated securities fraud litigation challenging BofA's 2008 acquisition of Merrill Lynch & Co. launched his own $10 million suit Friday over the bank's alleged misrepresentations in the months preceding the merger.

In a complaint filed in New York federal court, Robert Gegnas accuses the two defendants of withholding crucial information about Merrill Lynch's losses in October and November 2008, just before BofA shareholders voted to approve the $50 billion merger that December.

Gegnas purchased and...
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