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....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.