Professor James Park’s comments on the New York State case against Bank of America/Merrill Lynch were recently featured in several news sources, including Reuters, the Chicago Tribune, and Insurance Journal. The case, which accuses top Bank of America executives of misleading Merrill Lynch shareholders, is now in jeopardy due to a $2.43 billion settlement in a Bank of America shareholder class action. With this settlement, New York State can no longer pursue damages. Situations such as these put the attorney general’s office in a race against plaintiffs’ lawyers, explained Professor Park. “If you take too long,” he said, “you’ll essentially be pre-empted by the class action.”
Read the full article in Reuters.