Pension funds sue BofA on Merrill acquisition

09/29/2009 | Wall Street Journal, The

Ohio Attorney General Richard Cordray said Monday that he had filed suit against Bank of America in a New York court on behalf of five pension funds. The suit alleges that the board of the bank withheld information from investors when it purchased Merrill Lynch last year. Cordray said that he was seeking "billions" in compensation for the funds, which lost considerably when BofA's stock price crashed after losses at Merrill were revealed.

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