ABP Sues Bank of America Over Merrill Lynch Loss ClaimsStichting Pensioenfonds ABP sued Bank of America (NYSE:BAC) over claims that the bank failed to disclose billions of dollars in losses at Merrill Lynch before shareholders voted to takeover the lender, according to a Bloomberg report.
The manager of ABP, APG Algemene Pensioen Groep NV, is seeking damages of as much as $91 million in the lawsuit, according to a spokesperson.
APG filed the lawsuit on behalf of ABP yesterday in U.S. federal court in New York.
In an e-mailed statement, APG said, "There is no doubt that shareholders would have found the information withheld vital to an informed vote and rejected the merger if they would have had knowledge of the concealed facts."
A Bank of America spokesperson declined to comment.