SACRAMENTO, Calif. AP – Two of the nation’s largest state pension funds are seeking to lead a class action lawsuit against Bank of America Corp., alleging the bank’s management “misstated or omitted” important information about Merrill Lynch & Co.’s financial health to shareholders prior to the investment bank’s takeover.
California Public Employees’ Retirement System CalPERS and California State Teachers Retirement System CalSTRS filed a joint motion Monday in the U.S. District Court for the Southern District of New York to be designated as lead plaintiff. They said it is an effort to protect the retirement security of their more than two million members.
