Ex-BofA Workers Say Bank Mismanaged Retirement Fund

Law360, New York (December 7, 2011, 5:52 PM EST) -- Members of the Bank of America Corp. Common Stock Fund filed a putative class action against the bank and several executives Tuesday alleging it failed to properly manage and administer employees' retirement fund investments by concealing information about its flawed mortgage practices.

David Wald, a former BofA employee in Nassau County, New York, claims the bank, its corporate benefits committee and executives deceived shareholders about the true risks and returns of employees' investments with the bank, particularly with regard to the 2008 acquisition of Countrywide Financial...
To view the full article, register now.