Pension fund ABP takes BofA to court
Wednesday 17 March 2010
Dutch civil service pension fund ABP is taking legal action against Bank of America for keeping secret vital information about its takeover of Merrill Lynch.
ABP, the third biggest state pension fund in the world, says information about the record quarterly losses Merrill Lynch was facing would have led it to reject the deal.
'Prior to the merger date, BofA appear to have had knowledge of record quarterly losses Merrill was facing. The losses were expected to exceed $15bn,' ABP's assets manager APG said in a statement.
BofA also kept information from shareholders about $5.8bn in bonuses to be paid to Merrill Lynch employees prior to the closing of the merger, ABP said.
According to Reuters, APG is seeking up to $91m in damages. The case was filed with the US courts on Tuesday.
© DutchNews.nl
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Monday: Between 2º and 5º with light snow or sleet. Around zero at night. Similar Tuesday
They took 2-3 years to act on the fraud of the engineered economic downturn, meanwhile - what new scams have been run on the backs of the public?
How much time and money will be wasted on lawyers before this fund sees a penny back from the swindlers they can't seem to stop collaborating with?
There are more bankers needing jailing than innocent ones at this point. Back before the crooked bailout era, the solution to this problem was found in long walks off short window ledges.
By Prince Burnhard | March 17, 2010 10:23 PM