75$ Merrill Lynch employee lawsuit settled by Bank of America

Bank of America, who acquired Merrill on Jan 1, 2009., presently the owner of Merrill Lynch, agreed to the $75 million class action lawsuit settlement and will appear July 27, 2009 in a court hearing for the approval. Bank of America acquired Merrill on Jan 1, 2009. As per court papers Lawyers for the plaintiffs announced the settlement on Monday

The affected employees filed the suit against  Merrill in November 2007, alleging violations of the Employee Retirement Income Security Act (ERISA). The parties entered a settlement on Feb. 27, and a federal judge endorsed it last month.

The lawsuit had alleged that Merrill offered its stock as a retirement plan option , given the company’s growing exposure to subprime mortgages and other risky debt.

The class period covers Sept. 30, 2006 through Dec. 31, 2008.

Source: NewYorkInjuryNews.com

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