From the Insurance Journal – Bank of America and two former executives lost a bid on Friday to dismiss securities fraud claims alleging they misled investors about the bank’s 2008 acquisition of Merrill Lynch & Co. From the article:
U.S. District Court Judge P. Kevin Castel ruled that plaintiffs could continue to pursue claims against the bank, former chief executive Kenneth Lewis and former chief financial officer Joe Price for failing to disclose Merrill’s deteriorating financial condition in the fourth quarter of 2008. But Judge Castel dismissed claims that the defendants had failed to disclose the federal government’s financial support to BofA for facilitating the Merrill deal. He also dismissed claims on behalf of holders of various preferred shares, debt and call options for lack of standing.
You can read the full summary here on the Insurance Journal website.