Reply #69: BofA loses bid to end investor lawsuits on Merrill [View All]

[Demeter]

http://news.yahoo.com/s/nm/20100827/bs_nm/us_bankofamerica_lawsuit

A Manhattan federal judge refused to dismiss shareholder lawsuits against Bank of America Corp (BAC.N) and various executives and directors over the purchase of Merrill Lynch & Co during the 2008 financial crisis and disclosures about Merrill's losses and bonus payouts.

U.S. District Judge P. Kevin Castel issued his 140-page ruling late on Friday afternoon. Nine days earlier, the largest U.S. bank and former Chief Executive Kenneth Lewis denied civil fraud charges made in a separate lawsuit by New York Attorney General Andrew Cuomo over the merger.

Bank of America spokeswoman Shirley Norton said the Charlotte, North Carolina-based lender was reviewing the ruling. Lawyers for bank shareholders in the lawsuits did not immediately return calls seeking comment.