PR Log - Global Press Release Distribution
Bank of America Corporation (NYSE:BAC) Former And Current Employee 401(k) Plan
By Shareholders Foundation, Inc.
Dated: Feb 03, 2009
Lawsuit on behalf of participants of Bank of America, Merrill Lynch investment plans or profit sharing
retirement plans , which purchased or held BAC, Merrill Lynch stock in one of those plans during the
periods September 15, 2008 to present.
Bank of America (NYSE: BAC) employees earlier this week filed a class-action lawsuit against their
employer Bank of America (NYSE: BAC) and other 401(k) Plan fiduciaries, claiming the banking giant
misled them and other shareholders about the impact of its Dec. 5, 2008 acquisition of Merrill Lynch, a
move that the suit claims caused BAC shares to plunge in value, causing the employees' retirement fund to
lose hundreds of millions of dollars.
If you are a former or current employee or are a member of any of Bank of America, Merrill Lynch
investment plans or profit sharing retirement plans and purchased or held Bank of America, Merrill Lynch
stock in one of those plans during the periods September 15, 2008 to present, you have certain options and
you should contact the Shareholders Foundation, Inc. immediately!
or call us at +1-(858)-779-1554
The lawsuit, filed in U.S. District Court in New York, claims Bank of America (NYSE: BAC) violated the
Employee Retirement Income Securities Act (ERISA) by failing to exercise the skill, care, prudence, and
diligence required in administering employee retirement plans and assets. The suit claims specifically that
Bank of America (BoA) proxy statements, sent to all BoA shareholders including employees who
participated in the company's retirement plan, significantly overvalued Merrill Lynch's assets and did not
disclose many aspects of the teetering investment-bank's financial condition. The employee 401(k) plan
consists of two components, the employee stock ownership plan (ESOP) and the profit-