A $2.425 billion dollar settlement has been agreed upon by the parties in the Bank of America consolidated securities class action lawsuit. Please note that this is a proposed settlement and has yet to be approved by the court. The Honorable P. Kevin Castel will hold a fairness hearing on April 5, 2013 at 2:00 p.m. to determine the outcome of the settlement. The hearing will be located at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 12C, New York, NY 10007. Class members are not required to attend the hearing. Lead Plaintiffs in the lawsuit include: The State Teachers Retirement System of Ohio, Stichting Pensioenfonds Zorg en Welzijn, represented by PGGM Vermogensbeheer B.V., The Ohio Public Employees Retirement System, The Teacher Retirement System of Texas and Fjärde AP-Fonden. The defendants include Bank of America Corporation and Merrill Lynch & Co., Inc.. www.boasecuritieslitigation.com provides a claim form and other court documents. Adobe Acrobat Reader will be needed in order to access the documents online. All claim forms in the Bank of America Securities Litigation lawsuit are due by April 15, 2013. If you are a Class Member, you will be bound by the Settlement as approved by the Court.
Class members in the lawsuit are defined as anyone who purchased BoA common stock sometime between September 18, 2008 through January 21, 2009, inclusive) or held BoA common stock as of October 10, 2008 and were therefore eligible to vote on the Merger. If you would like to object to the lawsuit please do so not later than March 5 2013.
Any questions about the lawsuit can be directed to:
In re Bank of America Corp.
c/o The Garden City Group, Inc.
PO Box 9876
Dublin, Ohio 43017-5776
At this time the settlement amount any one class member will receive is unknown. The amount will depend on the amount of people who file claims and the outcome of the settlement hearing. It is highly recommended that you retain all records of your ownership of and transactions in BoA securities. Please check back for more updates on the case.