>Bank of America 401(k) ERISA
Date Filed: February 2, 2009
Court: U.S. District Court
Location: New York
Ticker Symbol: BAC
Hagens Berman filed a class-action lawsuit against Bank of America on behalf of employees participating in the company's 401(k) plan.
The lawsuit claims the company misled plan participants and shareholders about the impact of its December acquisition of Merrill Lynch. The move caused Bank of America stock to plummet resulting in hundreds of millions of dollars lost to employees' retirement funds.
The lawsuit seeks to represent anyone who participated in the company's 401(k) plan and whose investments include company stock from Sept. 15, 2008 until present.
Reports indicate Bank of America significantly overvalued Merrill Lynch's assets and did not disclose the true risk of the acquisition to employees or the SEC, the suit claims.
Since September 2008, BAC stock has dropped 80 percent. In January, company stock dropped 50 percent in one week from $10.20 a share on Jan. 14 to $5.10 a share on Jan. 20, 2009.
If you are a plan participant, you can participate in this class action. You can also contact attorneys at (206) 623-7292. All BofA subsidiary plan participants are also eligible to join this suit.
RECENT DEVELOPMENTS:
June 30, 2009 - Today Federal District Judge Denny Chin appointed Hagens Berman Sobol Shapiro co-lead counsel in the ERISA actions of the Bank of America class-action suit.
The judge made several other appointments, naming Texas and Ohio teacher pension funds as lead plaintiffs in the securities case.
In the derivative actions, the judge appointed two retirement systems as lead plaintiffs, Louisiana Municipal Police Retirements System and the Hollywood Police Officers' Retirement System.
As the case progresses, we'll continue to update this case page with details and new court documents.
Court: U.S. District Court
Location: New York
Ticker Symbol: BAC
Hagens Berman filed a class-action lawsuit against Bank of America on behalf of employees participating in the company's 401(k) plan.
The lawsuit claims the company misled plan participants and shareholders about the impact of its December acquisition of Merrill Lynch. The move caused Bank of America stock to plummet resulting in hundreds of millions of dollars lost to employees' retirement funds.
The lawsuit seeks to represent anyone who participated in the company's 401(k) plan and whose investments include company stock from Sept. 15, 2008 until present.
Reports indicate Bank of America significantly overvalued Merrill Lynch's assets and did not disclose the true risk of the acquisition to employees or the SEC, the suit claims.
Since September 2008, BAC stock has dropped 80 percent. In January, company stock dropped 50 percent in one week from $10.20 a share on Jan. 14 to $5.10 a share on Jan. 20, 2009.
If you are a plan participant, you can participate in this class action. You can also contact attorneys at (206) 623-7292. All BofA subsidiary plan participants are also eligible to join this suit.
RECENT DEVELOPMENTS:
June 30, 2009 - Today Federal District Judge Denny Chin appointed Hagens Berman Sobol Shapiro co-lead counsel in the ERISA actions of the Bank of America class-action suit.
The judge made several other appointments, naming Texas and Ohio teacher pension funds as lead plaintiffs in the securities case.
In the derivative actions, the judge appointed two retirement systems as lead plaintiffs, Louisiana Municipal Police Retirements System and the Hollywood Police Officers' Retirement System.
As the case progresses, we'll continue to update this case page with details and new court documents.
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