Free Market Evaluation - Send us your resume and we will give you free feedback
Nike Settles Class Action Against Their FuelBand
Nike Settles Class Action Against Their FuelBand
Discovered Emails Between Opposing Lawyers May Ruin Settlement
Discovered Emails Between Opposing Lawyers May Ruin Settlement
Judge Rules in Favor of Amazon in Patent Case
Judge Rules in Favor of Amazon in Patent Case
Citibank Required to Pay $735 Million for Illegal Practices
Citibank Required to Pay $735 Million for Illegal Practices
Legal Job Listings
Download PDF

Bank of America Wriggles Off Hook Over Merrill Charges View Count: 144

Bank of America may have wriggled off the hook over a 2010 case in which they are accused of misleading shareholders regarding Merrill Lynch’s losses. Their violations of the False Claims Act could have cost them significantly more, but on April 5 a federal judge approved a $2.43 billion settlement between Bank of America and shareholders.

Reuters invited legal analysts Jacob Zamansky, a New York securities lawyer, to comment on the case, and he said, “Once shareholders have made their peace, they can’t take a second bite at the apple through the attorney general.”

What this means is that New York Attorney General Eric Schneiderman is hamstrung on this issue: he can either drop his claims for damages or he can fight against 2008’s decision by New York’s highest court that had established that once a settlement had been reached, further money can’t be sought.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




“It limits the remedies that can be sought,” said William Jeffries, an attorney for Baker Botts.

As Bank of America has been wrangling with all sorts of miscellaneous lawsuits, much of them stemming from the 2007-2008 period, that they may have wriggled off the hook with a sober $2.43 billion settlement may be cause to celebrate. They will learn the news on what the case will look like on May 30.

Bank of America Wriggles Off Hook Over Merrill Charges by

Tagged: , , ,

Daniel June Posted by on May 10, 2013. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Assistant General Counsel
USA-MO-Saint Louis
Title: Assistant General Counsel   Employer: American Association of Orthodontists Location: St. Louis Compensation: Salary Travel Requirements: Moderate; domestic. Contact: Sen...


Apply now

Related Posts: