Years of abuses on Wall Street not only sent the economy into a tailspin; they did severe damage to countless shareholders. Those shareholders aren’t just wealthy investors but teachers, local and state government workers and many others, as represented by the pension funds that they pay into to support their retirements.

Ohio Attorney Richard Cordray is representing two of those Ohio funds: the Public Employees Retirement System (PERS) and the State Teachers Retirement System (STRS) in a case against Bank of America over its acquisition of Merrill Lynch.

As lead plaintiff in the case, the group of pension funds—including Texas, Ohio and two from overseas—will direct the lawsuit on behalf of all Bank of America shareholders.

This is one of seven significant securities lawsuits that the Ohio Attorney General’s Office has participated in this year. The office has brought those complaints on behalf of a variety of Ohio state funds—PERS, STRS, the Ohio Police and Fire Pension Fund and the Ohio Bureau of Workers’ Compensation.

As counsel in these lawsuits, Cordray is working to protect the hard-earned retirement benefits and financial futures of tens of millions of investors, retirees, workers and families hailing from all fifty states.

** Update **

Bank of America Chief Executive Officer Ken Lewis announced September 30th that he will retire at the end of the year. Ohio Attorney General Richard Cordray released the following statement in response to the announcement:

"Regardless of Ken Lewis' departure, the company and its executives still need to be held accountable for the harm done to investors and retirees."

For more information on the securities class action lawsuit against Bank of America, visit www.OhioAttorneyGeneral.gov/SecuritiesLitigationBriefing.

Links

Consolidated Amended Complaint Filed in Shareholder Lawsuit Against Bank of America – Ohio Attorney General’s Office
More information on the securities class action lawsuit against Bank of America — Ohio Attorney General's Office