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| July 26, 2010: The New York State Comptroller, Thomas P. DiNapoli, filed two lawsuits on Thursday, July 22, 2010, against Bank of American and Merrill officials in U.S. District Court in Manhattan to recover losses suffered by the $132.5 billion state pension fund, which he oversees, according to The New York Times. Defendants include Kenneth D. Lewis, the former Chief Executive of Bank of America; Joe L. Price, the bank’s former Chief Financial Officer who is now the bank’s President of Consumer and Small-Business Banking; and E. Stanley O’Neal, Merrill’s former Chief Executive. DiNapoli filed the lawsuits after choosing to “opt out” of 2007 shareholder litigation against Merrill and 2009 litigation against Bank of America. “Our attorneys believe this gives us a chance to get a better recovery,” perhaps reaching “tens of millions of dollars,” said Robert Whalen, a Spokesman for the Comptroller’s Office. The pension fund owned 3.06 million Bank of America shares and 4.83 million Merrill shares, court records show. Bill Halldin, a Spokesman for Bank of America, declined to comment. One complaint in the suit accuses Bank of America of misleading shareholders about Merrill’s losses as it prepared to buy the Wall Street bank in late 2008. The other accuses Merrill of misleading shareholders about its risk management and exposures to mortgage securities and collateralized debt obligations. |
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