In re Bank of America Corp. Sec. Litig., No. 09 MDL 2058 (DC) (S.D.N.Y.)

On June 26, 2015, the initial distribution to Class Members from the Net Settlement Fund created by the $2.425 billion cash portion of the settlement achieved by Lead Plaintiffs in the Bank of America consolidated securities class action was made. In addition to the cash obtained on behalf of the class, the settlement provided for certain corporate governance enhancements to be implemented or continued by Bank of America Corporation (“BoA”).

The Settlement Notice, which describes the details of the settlement and the rights of Class Members, can be obtained from the menu on the left side of this page.

IMPORTANT DEADLINES

July 27, 2015 Deadline for Objections to Calculation of Recognized Claims or Distribution Amounts. If you received a check in the initial distribution or a Notice of No Payment of Claim postcard and you do not agree with the calculation of your Recognized Claim or the amount of your check, you must send a written statement detailing your disagreement postmarked no later than July 27, 2015.
August 15, 2015 Deadline for Claimants to Notify Claims Administrator that They Did Not Receive a Distribution Check. If you submitted a Claim Form to the Claims Administrator and you did not receive a notice from the Claims Administrator that (i) your claim had been recommended for complete rejection; (ii) the amount of your claim fell below the minimum level to receive a payment; or (iii) because your claim had been received after November 5, 2014, it was not eligible for payment in the distribution, and you have not yet received an initial distribution check, you must send a written notification postmarked no later than August 15, 2015.
October 24, 2015 Check Cashing Deadline. Checks mailed in the initial distribution become void and subject to redistribution to other claimants if not cashed by October 24, 2015.

Update: Claims processing in connection with the settlement of this litigation has been completed. On June 26, 2015, the initial distribution of the Net Settlement Fund was made to all Authorized Claimants whose claims were approved by the Court and whose distribution amount satisfied the $20 minimum payment amount requirement. The distribution was made in accordance with the Court’s Order Approving Distribution Plan.

If you received a payment in this distribution, please deposit your check promptly as it becomes void and subject to re-distribution if not cashed by October 24, 2015.

More details about the initial distribution and the calculation of claims, including the list of all claims approved by the Court, are available from the menu at left under Initial Distribution Details.

Claimants Who Received Distribution Checks or “Notice of No Payment” Postcards

If you received a check in this distribution or a Notice of No Payment of Claim postcard (indicating that your claim fell below the $20 minimum payment) and you do not agree with the calculation of your Recognized Claim or the amount of your check, you must send a written statement detailing your disagreement postmarked no later than July 27, 2015, to: In re Bank of America Corp. Securities Litigation, c/o Garden City Group, LLC, P.O. Box 9876, Dublin, OH 43017-5776. If you do not submit an objection in this manner by July 27, 2015, you shall have waived all objections to the calculation of your Claim or the amount of your distribution.

Claimants Who Did Not Receive Distribution Checks or “Notice of No Payment” Postcards

If you submitted a Claim Form to the Claims Administrator and you did not receive a notice from the Claims Administrator that (i) your claim had been recommended for complete rejection; (ii) the amount of your claim fell below the minimum level to receive a payment; or (iii) because your claim had been received after November 5, 2014, it was not eligible for payment in the distribution, and you have not yet received an initial distribution check, you must send a written notification postmarked no later than August 15, 2015, to: In re Bank of America Corp. Securities Litigation, c/o Garden City Group, LLC, P.O. Box 9876, Dublin, OH 43017-5776; or call 1-855-733-8308 (toll free).

FAILURE TO NOTIFY THE CLAIMS ADMINISTRATOR BY AUGUST 15, 2015 THAT YOU SUBMITTED A CLAIM FORM AND DID NOT RECEIVE ANY OF THE NOTICES NOTED ABOVE, BUT DID NOT RECEIVE AN INITIAL DISTRIBUTION CHECK, WILL RESULT IN THE FORFEITURE OF YOUR ENTIRE CLAIM.



Background

The State Teachers Retirement System of Ohio, the Ohio Public Employees Retirement System, the Teacher Retirement System of Texas, Stichting Pensioenfonds Zorg en Welzijn, represented by PGGM Vermogensbeheer B.V., and Fjärde AP-Fonden are Court-appointed Co-Lead Plaintiffs and are represented by lead counsel Kessler Topaz, Bernstein Litowitz, and Kaplan Fox in this securities fraud class action arising out of the merger between Bank of America Corp. ("BoA") and Merrill Lynch & Co ("Merrill") announced on September 15, 2008 and that closed on January 1, 2009.

On September 25, 2009, Co-Lead Plaintiffs filed their Consolidated Amended Class Action Complaint (the "CAC"). The gravamen of the CAC is that, throughout the Class Period, Defendants violated the federal securities laws by making a series of highly-material false statements and omissions concerning: (1) Defendants' secret agreement to allow Merrill to pay, on an accelerated basis and prior to the close of the Merger, up to $5.8 billion in bonuses to its executives and employees; (2) Merrill's undisclosed losses, which were in excess of $15 billion during October and November 2008 alone; (3) BoA's own unprecedented losses; (4) the internal debate prior to the shareholder vote on the Merger amongst senior BoA officers concerning invoking the material adverse change clause ("MAC") in the Merger agreement, as a result of Merrill's massive losses; (5) BoA senior management's decision to invoke the MAC within days of the shareholder vote; (6) BoA's agreement to proceed with the Merger only after the Secretary of the Treasury threatened to fire BoA's senior management and the Board if they invoked the MAC; and (7) the $138 billion taxpayer bailout BoA required to close the Merger.

The truth about Merrill's financial condition and its materially adverse impact on BoA was not revealed until January 12, 2009, and investors did not learn of the massive taxpayer bailout until January 15. On January 21, 2009, investors finally learned that despite Merrill's staggering losses, BoA had allowed Merrill to pay $3.6 billion in bonuses before the merger closed. As these facts became known, the price of BoA common stock plummeted from $12.99 per share to a low of $5.10 per share, causing a market capitalization loss of approximately $50 billion.

COURT APPOINTED LEAD COUNSEL

KESSLER TOPAZ MELTZER & CHECK, LLP

Gregory M. Castaldo
David Kessler
Sean M. Handler
Darren J. Check
Sharan Nirmul
Jennifer L. Joost
Richard A. Russo, Jr.
Joshua D'Ancona
BERNSTEIN LITOWITZ
BERGER & GROSSMANN LLP

Max W. Berger
Gerald H. Silk
Hannah G. Ross
John J. Rizio-Hamilton
Katherine M. Sinderson
KAPLAN FOX & KILSHEIMER, LLP

Robert N. Kaplan
Frederic S. Fox
Joel B. Strauss
Donald R. Hall
Hae Sung Nam
Melinda D. Campbell
Irina Kobylevsky
Damien H. Weinstein
Information regarding the bar admissions of the attorneys at
Kessler Topaz Meltzer & Check, LLP,
Bernstein Litowitz Berger & Grossman, LLP and
Kaplan Fox & Kilsheimer, LLP
may be viewed via the links to the respective firms' websites.
Kessler Topaz Meltzer & Check, LLP
280 King of Prussia Road
Radnor, PA 19087
Tel.: 610.667.7706
Fax: 610.667.7056
www.ktmc.com
Bernstein Litowitz Berger
& Grossmann LLP

1285 Avenue of the Americas
New York, NY 10019
Tel: 212.554.1400
Fax: 212.554.1444
www.blbglaw.com
Kaplan Fox & Kilsheimer, LLP
850 Third Avenue, 14th Floor
New York, NY 10022
Tel: 212.687.1980
Fax: 212.687.7714
www.kaplanfox.com
NEWS
June 26, 2015 - Initial distribution of Net Settlement Fund conducted
May 4, 2015 - Court enters Order Approving Distribution Plan
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Nov. 5, 2014 - Court of Appeals affirms approval of Settlement
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April 8, 2013 - Court approves Settlement
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Dec. 24, 2012 - Settlement Notice and Claim Form are available
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Dec. 4, 2012 - Court preliminarily approves Settlement
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Sep. 28, 2012 - Pension Funds Recover $2.425 Billion for Shareholders in Bank
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Mar. 21, 2012 - Notice of Pendency of Class Action
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Feb. 6, 2012 - Memorandum and Order Granting Lead Plaintiffs' Motion for Class Certification and the Appointment of Class Representatives and Class Counsel
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Jul. 29, 2011 - Memorandum and Order Largely Denying Defendants’ Motions to Dismiss the Consolidated Second Amended Class Action Complaint
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Oct. 22, 2010 - Consolidated Second Amended Class Action Complaint
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Oct. 8, 2010 - Memorandum and Order Denying Defendants’ Motion for Certification for Interlocutory Appeal, or in the Alternative, for Reconsideration
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Aug. 27, 2010 - August 27, 2010 Memorandum and Order Largely Denying Defendants’ Motions to Dismiss
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Feb. 24, 2010 - February 24, 2010 Final Consent Judgment as to Defendant Bank of America Corporation
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Feb. 4, 2010 - Complaint filed by the Attorney General of the State of New York against Bank of America, Kenneth D. Lewis and Joseh L. Price
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Nov. 24, 2009 - Memorandum of Law in Support of Defendant John A. Thain's Motion to Dismiss the Consolidated Amended Class Action Complaint
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Nov. 24, 2009 - Memorandum of Law in Support of Merrill Lynch & Co.' Inc's and Merrill Lynch, Pierce, Fenner & Smith Incorporated's Motion to Dismiss the Consolidated Class Action Complaint
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Nov. 24, 2009 - Memorandum of Law in Support of the Bank of America Defendants' Motion to Dismiss the Consolidated Amended Class Action Complaint
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Nov. 16, 2009 - Memorandum Decision Granting Motion to Lift Stay
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Sep. 25, 2009 - In re Bank of America Consolidated Amended Class Action Complaint
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Jun. 30, 2009 - Order Appointing Lead Plaintiffs and Counsel
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