Bank of America Corporation

Case Details

Class Period:
September 13, 2008 – January 27, 2009
Date Filed:
February 9, 2009
Case Number:
1:09-md-02058-PKC
Jurisdiction:
Southern District of New York

Case Summary

On February 9, 2009, Saxena White P.A. filed a shareholder derivative action on behalf of nominal Defendant Bank of America Corporation ("BAC") against Defendants for their wrongful course of conduct allegedly arising from the Company's acquisition of Merrill Lynch & Co. ("Merrill Lynch"). The complaint alleged that, during the course of consummating the acquisition of Merrill Lynch, the Individual Defendants breached their fiduciary duties and violated federal and state law by failing to protect the interests of the Company. Prior to the Bank of America shareholder vote on December 5, 2008 to approve the Acquisition, the Individual Defendants knew, or were severely reckless in not knowing, that Merrill Lynch had incurred billions of dollars in losses beyond what was publicly disclosed at the time that the Company entered into the Merger Agreement on September 15, 2008. On January 11, 2013, after over three years of hotly contested litigation, the Court approved the Settlement, comprised of $62.5 million and certain corporate governance reforms.