Shareholders Balk At BofA's Buyout Of Merrill

Law360, New York (September 16, 2008, 12:00 AM EDT) -- At least two shareholder lawsuits have been filed challenging Bank of America's acquisition Merrill Lynch & Co. and accusing the leaders of Merrill of breaching their fiduciary duty by making the deal at an unfair price.

The suits, both filed in the Supreme Court for the State of New York on Monday, allege that the directors of the company and chief executive officer John Thain made the deal too quickly, even for these uncertain economic times.

The proposed deal was reached in a “hastily-crafted process” that...
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