Last month a Bank Of America Corporation shareholder initiated a lawsuit charging the largest U.S. lender by assets it did not inform investors about the more than $15 billion in losses sustained by Merrill Lynch & Company before they voted on its acquisition last December 5, 2008.
According to a complaint filed in January 2009 by bank shareholder Steven Sklar in federal court in New York, the October 31, 2008 proxy statement on which the vote was based had not been revised to account for the investment firm’s poor performance in the fourth quarter of 2008.
Sklar said in his complaint, “Despite his knowledge of Merrill Lynch’s staggering losses,” Bank of America Chairman Kenneth Lewis didn’t relay that information to the bank’s investors and allowed the deal to close.
Just one more service Bank of America, “the bank that cares” provides for the public as a courtesy.
Named as defendants in Sklar’s lawsuit are Kenneth Lewis and John Thain, the final chairman of the securities firm who redecorated his office for more than one million dollars including the purchase of a $35,000 crapper that can not be used for the alleged purpose for which it was designed; the filing seeks class-action, or group, status on behalf of all Bank of America shareholders who were eligible to vote on the acquisition, plus unspecified money damages for the loss of value of their holdings.
We suggest if you or a loved one have been the victim of this kind of financial terrorism by Bank Of America you may want to contact Levin Papantonio a law firm we have heard is accepting cases for Bank Of America shareholder losses. We’ve also heard the firm’s total settlements have exceeded one billion dollars
We’re also told Peter J. Mougey a shareholder with the Pensacola, Florida law firm of Levin, Papantonio, Thomas, Mitchell, Echsner & Proctor is head of the Business Torts Department at the firm. He concentrates his practice in the areas of securities arbitration and litigation as well as commercial, antitrust, and construction litigation.
His nationwide practice includes the representation of several state and municipal pension funds in various investment disputes.
In addition, Mr. Mougey has represented more than a thousand securities fraud victims in state and federal court and securities arbitrations across the country. He currently serves on the board of directors for the Public Investors Arbitration Bar Association (“PIABA”)
You are encouraged to seek reparation for yourself or loved ones if you as a shareholder have been victimized by the financial terror tactics of Bank Of America.
The case is Sklar v. Bank of America Corp., 09cv580, U.S. District Court, Southern District of New York (Manhattan).