Court Approves $335 Million Settlement of Bank of America Securities Class Action
1/3/2017 - Court-appointed Lead Plaintiff, the Commonwealth of Pennsylvania Public School Employees’ Retirement System ("PSERS"), and its chosen Lead Counsel, Barrack, Rodos & Bacine, announce that on December 27, 2016, the Honorable Judge William H. Pauley, III, of the U.S. District Court for the Southern District of New York granted final approval to a $335 million cash settlement of a securities class action against Bank of America Corporation. The settlement, which covers purchasers of Bank of America common stock and common equivalent securities during the class period from February 27, 2009 through October 19, 2010, resolves all claims against all defendants, including the company and its successive chief executive officers during the class period, Brian Moynihan and Kenneth Lewis. The settlement is one of the largest class action settlements of securities purchaser claims brought as a result of the financial crisis of 2008, and represents a significant recovery for Bank of America shareholders.
Leonard Barrack, Barrack, Rodos & Bacine's senior founding partner, stated: "We brought this case to protect the interests of investors. We are pleased that we were able to achieve this settlement and secure a recovery for the class. I congratulate PSERS' Executive Director, Glen Grell, and PSERS' exemplary legal team, led by Chief Counsel Charles Serine and Deputy Chief Counsel Steven Skoff, in securing this recovery for class members." The recovery was achieved after nearly six years of intense litigation.
Click here for a copy of the press release issued by PSERS announcing the Court's approval of the settlement.