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BankAmerica Corporation : NationsBank's Merger
Summary: According to the closing Order, dated February 8, 2002, The Bank of America Corporation agreed to pay $490 million to settle lawsuits claiming it hid losses from loans to a hedge fund before combining with the NationsBank Corporation in 1998. Shareholders accused Bank of America of concealing a write-off of $372 million stemming from a loan to the hedge fund, D. E. Shaw & Company of New York. Some plaintiffs' lawyers said bank executives hid the losses because they did not want to derail NationsBank's purchase of BankAmerica. The bank, based in Charlotte, N.C., did not admit any wrongdoing under the settlement.
According to a news article in the Saint Louis Post-Dispatch dated December 3, 2003, some of the lead plaintiffs in the case objected to the settlement, but the 8th U.S. Circuit Court of Appeals upheld the settlement on December 2, 2003, saying that the district court judge had the discretion to approve the settlement without the approval of all the lead plaintiffs.
The Corporation and certain present and former officers and directors have
been named as defendants in a number of actions filed in several federal courts
that have been consolidated for pretrial purposes before a Missouri federal
court. The amended complaint in the consolidated actions alleges, among other
things, that the defendants failed to disclose material facts about
BankAmerica's losses relating to D.E. Shaw & Co., L.P. until mid-October 1998,
in violation of various provisions of federal and state laws. The amended
complaint also alleges that the proxy statement-prospectus of August 4, 1998,
falsely stated that the Merger would be one of equals and alleges a scheme to
have NationsBank gain control over the newly merged entity. The Missouri federal
court has certified classes consisting generally of persons who were
shareholders of NationsBank or BankAmerica on September 30, 1998, or were
entitled to vote on the Merger, or who purchased or acquired securities of the
Corporation or its predecessors between August 4, 1998 and October 13, 1998.
The amended complaint in the consolidated actions alleges, among other things, that the defendants failed to disclose material facts about BankAmerica's losses relating to D.E. Shaw Securities Group, L.P. and related entities until mid-October 1998, in violation of various provisions of federal and state laws. The amended complaint also alleges that the proxy statement-prospectus of August 4, 1998, falsely stated that the Merger would be one of equals and alleges a scheme to have NationsBank gain control over the newly merged entity. The Missouri federal court has certified classes consisting generally of persons who were stockholders of NationsBank or BankAmerica on September 30, 1998, or were entitled to vote on the Merger, or who purchased or acquired securities of the Corporation or its predecessors between August 4, 1998 and October 13, 1998. The amended complaint substantially survived a motion to dismiss, and discovery is underway. Claims against certain director-defendants were dismissed with leave to replead.
INDUSTRY CLASSIFICATION:
SIC Code: 6712
Sector: Financial
Industry: Money Center Banks
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE |
| Selma Kaiser, et al. v. BankAmerica Corporation, et al. |
| COURT: E.D. New York | DOCKET NUMBER: 98-CV-06297 |
| JUDGE NAME: Hon. A Simon Chrein |
| DATE FILED: 10/15/1998 | SOURCE: Business Wires | | CLASS PERIOD START: 10/01/1998 | CLASS PERIOD END: 10/13/1998 | | TYPE OF COMPLAINT: Other | | PLAINTIFF FIRMS IN THIS OR SIMILAR CASE: |
Abbey Gardy & Squiteri LLP (San Francisco)
595 Market Street, Suite 2500, San Francisco, CA, 94105
(voice) 415.538.3725, (fax) ,
Berman DeValerio Pease & Tabacco PC
One Liberty Square, Boston, MA, 02109
(voice) 617.542.8300, (fax) ,
Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
1285 Avenue of the Americas, 33rd Floor, New York, NY, 10019
(voice) 212.554.1400, (fax) 212.554.1444, blbg@blbglaw.com
Goodkind Labaton Rudoff & Sucharow LLP
100 Park Avenue, New York, NY, 10017
(voice) 212.907.0700, (fax) 212.818.0477, info@glrslaw.com
Kaufman Malchman Kirby & Squire, LLP
919 Third Ave 11th Flr, New York, NY, 10022
(voice) 212.371.6600, (fax) ,
Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
One Pennsylvania Plaza, New York, NY, 10119-1065
(voice) 212.594.5300, (fax) ,
Pomerantz Haudek Block Grossman & Gross LLP
100 Park Avenue, 26th Floor, New York, NY, 10017-5516ven
(voice) 212.661.1100, (fax) 212.661.8665, info@pomerantzlaw.com/
Stull, Stull & Brody (New York)
6 East 45th Street, New York, NY, 10017
(voice) 310.209.2468, (fax) 310.209.2087, SSBNY@aol.com
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue, New York, NY, 10016
(voice) 212.545.4600, (fax) 212.686.0114, newyork@whafh.com
Wolf Popper, LLP
845 Third Avenue, New York, NY, 10022-6689Ave
(voice) 877.370.7703, (fax) 212.486.2093, IRRep@wolfpopper.com
_____________________________________________
TOTAL NUMBER OF PLAINTIFF FIRMS: 10 | |
REFERENCE COMPLAINT | | In re BankAmerica Corporation Securities Litigation | | COURT: E.D. Missouri | DOCKET NUMBER: 99-MD-01264 | | JUDGE NAME: Hon. John F. Nangle | | DATE FILED: 04/09/1999 | SOURCE: Business Wires | | CLASS PERIOD START: 08/04/1998 | CLASS PERIOD END: 10/13/1998 | | TYPE OF COMPLAINT: First Amended and Consolidated | | PLAINTIFF FIRMS NAMED IN COMPLAINT: |
Abbey Gardy & Squiteri LLP (San Francisco)
595 Market Street, Suite 2500, San Francisco, CA, 94105
(voice) 415.538.3725, (fax) ,
Chitwood & Harley LLP
1230 Peachtree Street, N.E., 2300 Promenade II, Atlanta, GA, 30309
(voice) 888.873.3999, (fax) 404.873.4476,
Entwistle & Cappucci LLP
299 Park Avenue, 14th Floor, New York, NY, 10171
(voice) 212.894.7200, (fax) 212.894.7272, info@entwistle-law.com
Green Schaaf & Jacobson PC
7733 Forsyth Boulevard, Suite 700, Clayton, MO, 63105
(voice) 314.862.6800, (fax) 314.862.1606,
Krislov & Associates, Ltd.
20 North Wacker Drive, Chicago, IL, 60606
(voice) 312606.0500, (fax) 312.606.0207, mail@krislovlaw.com
Stull, Stull & Brody (New York)
6 East 45th Street, New York, NY, 10017
(voice) 310.209.2468, (fax) 310.209.2087, SSBNY@aol.com
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue, New York, NY, 10016
(voice) 212.545.4600, (fax) 212.686.0114, newyork@whafh.com
_____________________________________________
TOTAL NUMBER OF PLAINTIFF FIRMS: 7 | |
| DOCUMENTS FOR THE REFERENCE COMPLAINT | | Order Appointing Lead Plaintiffs And Lead Counsel Pursuant To 15 U.S.C. 78U-4 | | Type: Order | Date on the document: 04/20/1999 | | Notice Of Pendency Of Class Action | | Type: Notice | Date on the document: 05/09/2000 | | Press Release | | Type: Other | Date on the document: 02/08/2002 | | Stipulation And Agreement Of Compromise And Settlement | | Type: Settlement | Date on the document: 03/29/2002 | | Notice Of Proposed Class Action Settlement, Attorneys' Fees And Expenses Applications, Application For Reimbursement Of Class Representative Costs And Expenses, Hearing Date, And Class Members' Right To Share In Settlement Fund | | Type: Notice | Date on the document: 04/05/2002 | | Order Granting Preliminary Approval Of Settlement And Related Matters | | Type: Order | Date on the document: 04/05/2002 | | Claim Form And Substitute Form W-9 | | Type: Other | Date on the document: 04/15/2002 | | Declarations Of The California Class Representatives In Support Of Their Request For Reimbursement Of Lost Wages And Expenses | | Type: Declaration | Date on the document: 05/09/2002 | | Letter To Clerk Of Court | | Type: Other | Date on the document: 05/11/2002 | | Objections To Proposed Class Settlement Submitted By Ernesto Gumapas, Sidney Sorkin, Herman Shyken, And Allison Desmond | | Type: Other | Date on the document: 05/12/2002 | | Objections To Proposed Class Action Settlement | | Type: Other | Date on the document: 05/13/2002 | | Affidavit Of Andrew L. Barroway Of Schiffrin & Barroway, LLP In Support Of Bankamerica Plaintiffs' Counsel's Application For An Award Of Attorneys Fees And Reimbursement Of Expenses | | Type: Other | Date on the document: 05/16/2002 | | Affidavit Of Clinton A. Krislov Of Krislov & Associates, Ltd. In Support Of BankAmerica Plaintiffs' Counsel's Application For An Award Of Attorneys Fees And Reimbursement Of Expenses | | Type: Other | Date on the document: 05/16/2002 | | Affidavit Of Michael E. Hamer Regarding Dissemination Of Notice/Claim Forms To The Class | | Type: Other | Date on the document: 05/16/2002 | | Affidavit Of Nadeem Faruqi Of Faruqi & Faruqi, LLP In Support Of BankAmerica Plaintiffs' Counsel's Application For An Award Of Attorneys Fees And Reimbursement Of Expenses | | Type: Other | Date on the document: 05/16/2002 | | Affidavit Of James V. Bashian Of The Law Offices Of James V. Bashian, P.C. In Support Of Bankamerica Plaintiffs' Counsel's Application For An Award Of Attorneys Fees And Reimbursement Of Expenses | | Type: Other | Date on the document: 05/17/2002 | | Affidavit Of Marie Seth Weiner Of Cotchett, Pitre, Simon & McCarthy In Support Of BankAmerica Plaintiffs' Counsel's Application For Award Of Attorneys Fees And Reimbursement Of Expenses | | Type: Other | Date on the document: 05/17/2002 | | Application For Attorney Fees Submitted By The Florida State Board Of Administration | | Type: Other | Date on the document: 05/17/2002 | | Affidavit Of Arthur N. Abbey | | Type: Other | Date on the document: 05/20/2002 | | Affidavit Of James S. Notis Of Abbey Gardy, LLP In Support Of BankAmerica Plaintiffs' Counsel's Application For An Award Of Attorneys Fees And Reimbursement Of Expenses | | Type: Other | Date on the document: 05/20/2002 | | BankAmerica Classes' Memorandum Of Law In Support Of Request For Attorneys' Fees And Reimbursement Of Expenses | | Type: Memorandum | Date on the document: 05/20/2002 | | BankAmerica Classes' Memorandum Of Law In Support Of The Proposed Settlement | | Type: Memorandum | Date on the document: 05/20/2002 | | Declaration Of Martin M. Green In Support Of Final Approval Of Proposed Settlement, Plan Of Allocation And NationsBank Class Counsels' Application For Attorneys' Fees And Reimbursement Of Expenses | | Type: Declaration | Date on the document: 05/20/2002 | | Defendants' Statement In Support Of Settlement And In Response To Certain Objections | | Type: Other | Date on the document: 05/20/2002 | | NationsBank Classes' Application For Reimbursement Of Class Representative Costs And Expenses, And Memorandum In Support Thereof | | Type: Other | Date on the document: 05/20/2002 | | NationsBank Classes' Brief In Support Of Application For An Award For Reimbursement of Expenses | | Type: Brief | Date on the document: 05/20/2002 | | NationsBank Classes' Brief In Support Of Application For An Award Of Attorneys' Fees | | Type: Brief | Date on the document: 05/20/2002 | | NationsBank Classes' Brief In Support Of Their Motion To Approve The Settlement And Plan Of Allocation | | Type: Brief | Date on the document: 05/20/2002 | | NationsBank Classes' General Overview Of Objections And Purported Objections Filed | | Type: Other | Date on the document: 05/20/2002 | | Notice Of Filing Of (1) NationsBank Counsels' Separate Fee And Expense Affidavits, And (2) The Claims Administrator's Affidavit Regarding Dissemination Of Notice | | Type: Notice | Date on the document: 05/20/2002 | | Order | | Type: Order | Date on the document: 05/20/2002 | | Order | | Type: Order | Date on the document: 05/23/2002 | | Brief In Opposition To Application For Attorneys' Fees Submitted By The Florida State Board Of Administration | | Type: Brief | Date on the document: 05/28/2002 | | Motion Of Class Member Carol Mackay, Executrix Of The Estate Of Joseph I. Sir To Intervene | | Type: Motion | Date on the document: 05/30/2002 | | NationsBank Classes Post Fairness Hearing Filing | | Type: Other | Date on the document: 06/04/2002 | | Order | | Type: Order | Date on the document: 06/04/2002 | | Order | | Type: Order | Date on the document: 06/04/2002 | | Lead Plaintiffs' Counsel's Application For Payment Of Fees And Reimbursment Of Expenses | | Type: Other | Date on the document: 06/05/2002 | | Order | | Type: Order | Date on the document: 06/10/2002 | | NationsBank Classes Filing Pursuant To June 10, 2002 Order | | Type: Other | Date on the document: 06/17/2002 | | BankAmerica Plaintiffs' Answers To The Questions Asked In The Court's June 10, 2002 Order | | Type: Other | Date on the document: 06/19/2002 | | Brief In Response To Application For Attorneys’ Fees And Expenses Submitted By Counsel For Messrs. Oetting, Koehler, And Kloster | | Type: Brief | Date on the document: 06/21/2002 | | BankAmerica Plaintiffs' Notice Of Filing Of Updated Post-Fairness Hearing Materials | | Type: Notice | Date on the document: 06/22/2002 | | Order | | Type: Order | Date on the document: 07/08/2002 | | Order | | Type: Order | Date on the document: 07/08/2002 | | Reply Memorandum In Further Support Of The Florida State Board Of Administration's Application For Attorney Fee | | Type: Memorandum | Date on the document: 07/09/2002 | | Plaintiffs’ Unopposed Motion To Extend Claim Deadline For Customers Of Certain Brokerage Firms | | Type: Motion | Date on the document: 07/15/2002 | | Order | | Type: Order | Date on the document: 07/16/2002 | | Motion To Strike The Florida State Board Of Administration's Reply Memorandum In Support Of Its Application For Attorney Fees | | Type: Motion | Date on the document: 07/17/2002 | | BankAmerica Plaintiffs' Application For Approval Of Proposed Allocation Plan As Proposed | | Type: Other | Date on the document: 07/19/2002 | | Objections Of Ernesto Gumapas, Sidney Sorkin, Herman Shyken And Allison Desmond To BankAmerica Plaintiffs' Application For Approval Of Proposed Allocation Plan As Revised | | Type: Other | Date on the document: 07/29/2002 | | Order | | Type: Order | Date on the document: 07/30/2002 | | Order | | Type: Order | Date on the document: 08/23/2002 | | Order | | Type: Order | Date on the document: 09/30/2002 | | Order | | Type: Order | Date on the document: 09/30/2002 | | NationsBank Classes' Updated Application For An Award Of Attorneys' Fees And Reimbursement Of Expenses | | Type: Other | Date on the document: 10/07/2002 | | Order | | Type: Order | Date on the document: 10/15/2002 | | Order | | Type: Order | Date on the document: 10/18/2002 | | Notice | | Type: Notice | Date on the document: 11/14/2002 | | Judgment | | Type: Other | Date on the document: 11/21/2002 | | Letter To Michael E. Gans | | Type: Other | Date on the document: 11/25/2002 | | Letter To Michael E. Gans | | Type: Other | Date on the document: 11/25/2002 | | Plaintiffs’ Joint Motion For Approval Of Distribution Of Class Settlement Fund | | Type: Motion | Date on the document: 05/13/2004 | | Order | | Type: Order | Date on the document: 06/14/2004 | | U.S. District Court Civil Docket | | Type: Docket | Date on the document: 12/08/2006 |
| OTHER DOCUMENTS | | Appellants’ Brief |
| Case Name and/or Number: In re BankAmerica Corporation Securities Litigation |
| Type: Brief | Date on the document: 01/14/2003 | | Appellant Carol Mackay’s Initial Brief |
| Case Name and/or Number: John M. Koehler, David P. Oetting, vs. Hugh L. McColl, Jr., et al. |
| Type: Brief | Date on the document: 01/16/2003 | | Motion To Dismiss Appeal For Lack Of Standing |
| Case Name and/or Number: Carol Mackay, vs. Hugh L. McColl, Jr., et al. |
| Type: Motion | Date on the document: 01/29/2003 | | Motion To Supplement The Record On Appeal |
| Case Name and/or Number: In re BankAmerica Corporation Securities Litigation |
| Type: Motion | Date on the document: 02/07/2003 | | Combined (1) Reply Brief In Support Of Motion To Dismiss Appeal For Lack Of Standing, And (2) Opposition To Appellant’s Motion To Supplement The Record On Appe |
| Case Name and/or Number: Mackay, v. Hugh McColl, et al. |
| Type: Brief | Date on the document: 02/11/2003 | | Brief Of Appellees, The BankAmerica Classes |
| Case Name and/or Number: In re BankAmerica Corp. Securities Litigation |
| Type: Brief | Date on the document: 02/13/2003 | | Brief Of Appellees, The NationsBank Classes |
| Case Name and/or Number: In re BankAmerica Corporation Securities Litigation |
| Type: Brief | Date on the document: 02/13/2003 | | Brief Of Defendants--Appellees |
| Case Name and/or Number: In re BankAmerica Corp. Securities Litigation |
| Type: Brief | Date on the document: 02/18/2003 | | Appellants’ Reply Brief |
| Case Name and/or Number: In re BankAmerica Corporation Securities Litigation |
| Type: Brief | Date on the document: 03/04/2003 | | Motion To Dismiss Appeal For Lack Of A Justiciable Issue |
| Case Name and/or Number: John M. Koehler, David P. Oetting, vs. Hugh L. McColl, Jr., et al. |
| Type: Motion | Date on the document: 03/07/2003 | | Petition For Panel Rehearing |
| Case Name and/or Number: Carol Mackay, vs. Hugh L. McColl, Jr., et al. |
| Type: Other | Date on the document: 03/12/2003 | | Second Motion To Supplement The Record On Appeal |
| Case Name and/or Number: Carol Mackay, vs. Hugh L. McColl, Jr., et al. |
| Type: Motion | Date on the document: 03/12/2003 | | Appellants Koehler And Oetting's Suggestions In Opposition To Class Counsel's Motion To Dismiss For Lack Of A Justiciable Issue |
| Case Name and/or Number: In re BankAmerica Corporation Securities Litigation |
| Type: Motion | Date on the document: 03/13/2003 | | Reply In Further Support Of Motion To Dismiss Appeal For Lack Of A Justiciable Issue |
| Case Name and/or Number: John M. Koehler, David P. Oetting, vs. Hugh L. McColl, Jr., et al. |
| Type: Other | Date on the document: 03/17/2003 | | NationsBank Classes Opposition To Mackay’s Second Motion To Supplement The Record On Appeal |
| Case Name and/or Number: Carol Mackay, vs. Hugh L. McColl, Jr., et al |
| Type: Other | Date on the document: 03/25/2003 | | U.S. Court of Appeals Docket for the Eighth Circuit, 02-3783 |
| Case Name and/or Number: Kevin Kloster et al v. Carol Mackay et al |
| Type: Docket | Date on the document: 04/16/2003 | | Judgment [From the U.S. Court of Appeals for the Eighth Circuit] |
| Case Name and/or Number: John M. Koehler, David P. Oetting, vs. Hugh L. McColl, Jr., et al. |
| Type: Other | Date on the document: 12/08/2003 | | Petition for Rehearing En Banc |
| Case Name and/or Number: In re BankAmerica Corporation Securities Litigation |
| Type: Other | Date on the document: 12/17/2003 | | U.S. Court of Appeals Docket for the Eight Circuit, 02-3780 |
| Case Name and/or Number: John M. Koehler, David P. Oetting, vs. Hugh L. McColl, Jr., et al. |
| Type: Docket | Date on the document: 01/29/2004 |
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