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

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

:toast:

manipulate the market so they can do some scavenging.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3797234

it's gonna be a long summer

I mean you don't have to say what you think like that - just keep it to yourself -
This is no place to express your thoughts - even if it IS true that

CalPERS and CalSTRS is suing Bank of America

Bank of America is suing a unit of AIG

AIG is suing the US government

U.S. government is suing UBS

UBS is suing hedge fund Highland Capital

etc. etc.

We pay for the court system an the attorneys walk away rich.

Go get'em.

Hekate