Democratic Underground - UPDATE 1-Top pension funds aim to lead Bank of America suit

UPDATE 1-Top pension funds aim to lead Bank of America suit [View All]

bemildred

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Mon Mar-23-09 11:21 PM
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UPDATE 1-Top pension funds aim to lead Bank of America suit

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Source: Reuters

LOS ANGELES/SAN FRANCISCO, March 23 (Reuters) - The first and third largest U.S. pension funds plan to lead a class-action suit against Bank of America (BAC.N), accusing the lender of mis-stating or omitting crucial information about the financial health of acquired investment bank Merrill Lynch.

The California Public Employees' Retirement System (CalPERS) and California State Teachers Retirement System (CalSTRS) said on Monday they were trying to protect the retirement security of their over 2 million members.

On Monday, they filed a joint motion to the District Court of the Southern District of New York to be designated lead plaintiff in class actions against Bank of America stemming from its merger with Merrill Lynch.

Plaintiffs lawyer Coughlin Stoia filed the suit in mid-February.

Read more: http://www.reuters.com/article/companyNews/idUSN2330679920090324

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UPDATE 1-Top pension funds aim to lead Bank of America suit [View All]