Merrill, BofA Stock Not Needed To Bring Suit, Court Says

Law360, New York (August 31, 2010, 7:55 PM EDT) -- Former shareholders of Merrill Lynch & Co. Inc. did not have to hold stock in both Merrill and its buyer Bank of America Corp. to bring a so-called double-derivative suit, the Delaware Supreme Court has ruled, weighing in on a question certified by a federal judge.

The Delaware court said in an en banc, unanimous ruling Friday that requiring shareholders to have held stock in both buyers and subsidiaries at the time of alleged wrongdoing would defeat the purpose of post-merger double-derivative actions.

Judge Jed S....
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