Investors Can Bring Claims Against BofA Execs: Judge

Law360, New York (July 29, 2011, 9:01 PM EDT) -- A New York federal judge ruled Friday that investors in a consolidated securities class action could bring securities fraud claims against two Bank of America Corp. executives over the bank's troubled $50 billion acquisition of Merrill Lynch & Co. Inc.

U.S. District Judge P. Kevin Castel said the investors had sufficiently alleged that former CEO Kenneth D. Lewis and then-Chief Financial Officer Joe L. Price acted recklessly by not disclosing to shareholders that Merrill was bleeding billions of dollars, despite knowing of the company's financial situation....
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