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.