For Bank of America, a $50 Billion Claim of Havoc Looms

Categorized | STOP FORECLOSURE FRAUD

For Bank of America, a $50 Billion Claim of Havoc Looms – SKLAR v. BANK OF AMERICA

Posted on28 September 2011. Tags: bank of america, Bank of America Corp., class action, GARY A. CARLIN, Investor, JOHN A. THAIN, KENNETH D. LEWIS, Merrill Lynch, NELSON CHAI., STEVEN J. SKLAR (as IRA Account. Beneficiary)

NYT-

Bank of America’s potential liability for bad mortgages — in the tens of billions of dollars — is well known. But Bank of America is haunted by other demons from the financial crisis, the most significant one being a lawsuit arising from its troubled Merrill Lynch acquisition.

This lawsuit, brought by Bank of America shareholders, claims that Bank of America and its executives, including its former chief executive, Kenneth D. Lewis, failed to disclose what would be a $15.31 billion loss at Merrill in the days before and after the acquisition. The plaintiffs contend that this staggering loss was hidden to ensure that Bank of America shareholders did not vote against the transaction.

[NEW YORK TIMES]

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One Response to “For Bank of America, a $50 Billion Claim of Havoc Looms – SKLAR v. BANK OF AMERICA”

Judith McDonald says:

09/29/2011 at 8:47 am

President’s office of Bank of America has to be one bad place to go each day. One must decide which lawsuit will hurt us the most,who can we f..k over & win. Which homeowner get the reject phone call, or can we say how many will they foreclose on today? Instead come clean. Bad investments you may have to do what I do each day. Being ill & sometimes very ill I still have to get out of bed & take Casey,the Dog, for a walk & pick up her poop!