Ohio Attorney General Mike DeWine announces a historic $2.43 billion settlement in a class-action lawsuit with Bank of America over claims it made, and information it omitted, about its acquisition of Merrill Lynch that led to losses for the bank's investors, including the State Teachers Retirement System of Ohio (STRS) and the Ohio Public Employees Retirement System (OPERS).
The settlement is the single largest securities class action settlement ever resolving a Section 14(a) claim - the federal securities provision designed to protect against misstatements in connection with a proxy solicitation. The settlement is one of the four largest settlement amounts ever funded by a single corporate defendant for violations of the federal securities laws. The settlement is also the largest securities class-action settlement where executives of the defendant were not criminally charged.
From the Rhodes State Office Tower, 9/28/12
Michael Hall, Director of Outside Counsel, Office of the Ohio Attorney General