Investors Sue Bank of America for Violation of Federal Securities Laws in Acquisition of Merrill Lynch

NEW YORK, April 15 /PRNewswire/ -- Grant & Eisenhofer, a leading shareholder and corporate governance law firm, and Susman Godfrey, one of the nation's leading complex commercial litigation firms, are teaming up to pursue federal securities claims against Bank of America Corporation and several BofA directors and officers arising from BofA's use of materially misleading proxy materials to solicit shareholder votes to approve BofA's $29.1 billion acquisition of Merrill Lynch & Co., Inc. in 2008.

Grant & Eisenhofer already represents Netherlands-based Stichting Pensioenfonds ABP, Europe's largest pension fund, and Susman Godfrey represents Finger Interests Number One, Ltd., which is controlled by Jerry Finger who has led a shareholder challenge to BofA management.

With assets of euro 208 billion as of December 31, 2009, ABP is one of the three largest pension funds in the world, and the largest in Europe.  The fund protects the pension assets of approximately 2.8 million participants and retirees, mainly from the governmental and education sectors in The Netherlands, including civil servants, educators, university employees, policemen and firemen.

Jerry Finger has been involved with BofA for over decade, including serving as Vice-Chairman of Bank of America, Texas.  Finger became a shareholder of BofA when it acquired Nationsbank, which had previously acquired Finger's bank for stock.  Finger has been one of BofA's largest individual shareholders.  In the wake of the Merrill merger, he launched a fight to unseat Mr. Lewis.  

The firms plan to file future suits together.  "While we have filed these suits separately, Grant & Eisenhofer and Susman Godfrey are forming a joint venture for future Bank of America cases.  We believe the combination of Grant & Eisenhofer's experience representing institutional investors and Susman Godfrey's trial record make for an imposing team to represent opt-outs in this litigation and will maximize shareholder recovery for our clients," said Jay Eisenhofer of Grant & Eisenhofer.  "Jay and I have always wanted to work together, and this case is the perfect fit.  If ever there was a securities case to try to a jury, this is the case," said Steve Susman of Susman Godfrey.

Grant & Eisenhofer P.A. represents institutional investors and shareholders internationally in securities class actions, corporate governance actions and derivative litigation. The firm has recovered more than $12 billion for investors in the last five years. G&E has also been selected among The National Law Journal's "Plaintiffs' Hot List" for the past five years, and is a member of its Hall of Fame. Risk Metrics named Grant & Eisenhofer the #1 law firm in average shareholder recoveries in securities class actions in 2007 and 2008.  For example, G&E has recovered $3.2 billion for shareholders of Tyco International, $400 million for shareholders of Marsh & McLennan, and $450 million for shareholders of Royal Dutch Shell in a groundbreaking settlement in the Netherlands.  For more information, visit www.gelaw.com.

Founded in 1980, Susman Godfrey focuses its nationally recognized practice on just one thing: big - stakes commercial litigation.  It is one of the nation's leading litigation boutique law firms, having been recognized as such by almost every major legal publication.  Each of the firm's 88 trial attorneys devotes all of his or her time and talent to achieving excellent outcomes within the complex commercial litigation environment.  For example, SG has recovered $64 million for shareholders of a company acquired by Genzyme Corp., $93.9 million for shareholders of Fleming, and $75 million for certain shareholders Alcatel.  For more information, visit www.susmangodfrey.com.

Full complaints are available on request.

SOURCE Grant & Eisenhofer