Merrill Investor Pushes 2nd Circ. To Reopen BofA Suit

Law360, New York (October 12, 2012, 9:01 PM EDT) -- An investor on Friday asked the Second Circuit to reopen a shareholder derivative suit aimed at forcing Bank of America Corp. to sue directors who oversaw subsidiary Merrill Lynch's disastrous investment in subprime mortgages and mortgage-backed securities, saying the bank fobbed off her demands too quickly.

Though Bank of America is required to consider investor demands, its board gave only a perfunctory reason for dismissing a request to pursue directors at Merrill Lynch over their bad bets on subprime mortgages and MBS, Richard Greenfield of Greenfield...
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