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Case Status:    DISMISSED    
On or around 01/08/2014 (Ongoing date of last review)

Filing Date: January 19, 2010

According to the press release filed January 25, 2010, the complaint alleges that BofA and certain of its officers, directors, underwriters and auditors violated the Securities Act of 1933. Specifically, on or about January 25, 2008, BofA consummated the Series K Offering selling 6 million shares of the Series K Securities for proceeds of $6 billion. On or about January 28, 2008, defendant consummated the Series L Offering selling 6.9 million shares of the Series L Securities for proceeds of $9.6 billion. On or about May 20, 2008, defendant consummated the Series H Offering selling 117 million shares of the Series H Securities for proceeds of $2.925 billion. On January 16, 2009, BofA issued a press release for the fourth quarter and full year 2008 reporting a net loss of $1.79 billion and reporting inter alia, CDO-related losses of $1.72 billion, an allowance of $2.99 billion for loan and lease losses during the quarter and writedowns of commercial mortgage-backed securities and related transactions of $853 million.

According to the complaint, the true facts omitted from the Registration Statement and Prospectuses were: (a) The Company's loans, leases, CDOs, and commercial mortgages backed securities were impaired to a far greater extent than disclosed, (b) Defendants failed to properly record losses for impaired assets, (c) The Company's internal controls were inadequate to prevent the Company from improperly reporting its impaired assets, and (d) The Company's capital base was inadequate relative to the magnitude of impaired assets.

On July 15, 2010, Judge Lewis A. Kaplan granted the motion to appoint the NECA-IBEW Pension Trust Fund as lead plaintiff and approved lead and liaison counsel. On January 18, 2011, a First Amended Complaint was filed. The defendants responded by filing motions to dismiss the First Amended Complaint on March 4, 2011. On June 8, 2011, the plaintiff filed a motion to include this case in a multi-district litigation in the United States District Court for the Central District of California. This motion was denied on August 15, 2011.

On February 6, 2012, the Court issued an order where by it stated that the Underwriter Defendants' motions to dismiss is granted in its entirety and that plaintiffs' application to amend its complaint be denied without prejudice to renewal by way of formal motion.

On March 16, 2012, the Court issued an order overruling plaintiffs' objections to the R&R and granting the defendants' motions to dismiss in all respects.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BAC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 10-CV-00440
JUDGE: Hon. P. Kevin Castel
DATE FILED: 01/19/2010
CLASS PERIOD START: 01/25/2008
CLASS PERIOD END: 01/19/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  2. Klafter Olsen & Lesser LLP (Rye Brook)
    Two International Drive, Ste 350 , Klafter Olsen & Lesser LLP (Rye Brook), NY 10573
    914.934.9200 914.934-9220 · jak@klafterolsen.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-00440
JUDGE: Hon. P. Kevin Castel
DATE FILED: 01/18/2011
CLASS PERIOD START: 05/05/2006
CLASS PERIOD END: 09/12/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
No Document Title Filing Date
No Document Title Filing Date