Susman Godfrey Botched Opt-Out From $2B BofA Deal: Judge

Law360, New York (June 5, 2013, 7:44 PM EDT) -- KERS & Co. can't opt out of a $2.4 billion settlement with Bank of America Corp. investors over the 2008 acquisition of Merrill Lynch & Co., a New York federal judge ruled Wednesday, finding that the investment company's attorneys at Susman Godfrey LLP had screwed up.

U.S. District Judge P. Kevin Castel said that Susman Godfrey hadn't met the "excusable neglect" standard, which they must satisfy to explain why they hadn't sent a notice opting out of the settlement in time.

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