In re Bank of America Corp. Securities, Derivative, & Employee Retirement Income Security Act (ERISA) Litigation
Plaintiffs moved for class certification in a securities fraud lawsuit against Bank of America Corporation (BofA) concerning alleged misstatements and omissions related to its acquisition of Merrill Lynch & Co., Inc. The claims were brought under both the Securities Exchange Act of 1934 and the Securities Act of 1933. The Court, presided over by District Judge P. Kevin Castel, granted the motion to certify all proposed classes, including those for 1934 Act claims, 1933 Act claims, and purchasers of January 2011 call options. The Court found that the plaintiffs satisfied all Rule 23(a) and Rule 23(b)(3) requirements for class certification, rejecting the defendants' arguments regarding the merits of the Section 14(a) claim, the rebuttable presumptions of reliance, and the scope of the class definitions. Bernstein Litowitz Berger & Grossman LLP, Kaplan Fox & Kilsheimer LLP, and Kessler Topaz Meltzer & Check, LLP were appointed as class counsel.