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A federal judge refuses to dismiss a lawsuit accusing Bank of America (BAC) of misleading...

A federal judge refuses to dismiss a lawsuit accusing Bank of America (BAC) of misleading shareholders about its exposure to MBS and its dependence on MERS. The shareholders - led by the PA Public School Retirement System - are claiming billions in damages for being duped into buying the stock in 2009 and 2010.
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Comments (9)
  • bbro
    , contributor
    Comments (10697) | Send Message
     
    Pennsylvania Public School Employees' Retirement System....You
    made a bad bet now you want the attorneys to squeeze some money
    out of BAC...I just got rained on.I need to sue my local weatherman.He duped me.
    11 Jul 2012, 03:57 PM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    The fact that the people running the Pennsylvania Public School Employees' Retirement System made "a bad bet" on BofA (and likely wasted a bunch more of the money they were entrusted with if they made a habit of buying stock in crappy companies like BofA) doesn't preclude the possibility that the folks running BofA were/are slimeballs who lie virtually every time they talk. Both things can be true.
    11 Jul 2012, 04:10 PM Reply Like
  • bbro
    , contributor
    Comments (10697) | Send Message
     
    " lie virtually every time they talk"...we love absolutes don't we??
    11 Jul 2012, 04:19 PM Reply Like
  • Kaiser
    , contributor
    Comments (45) | Send Message
     
    The judge W Pauley stated that allegations raised a strong inference that BAC intended to mislead. Always pays to take the time to read
    11 Jul 2012, 05:20 PM Reply Like
  • MexCom
    , contributor
    Comments (3067) | Send Message
     
    Reading the linked story - the judge excuses the guilty and now wants to punish the innocent. How about a scene from the God Father. Should we go to him first for justice?
    11 Jul 2012, 04:00 PM Reply Like
  • RALPHSCHAUSS
    , contributor
    Comments (75) | Send Message
     
    The PA Public School guys, ie the investment officers, were simply dumb in buying BAC .Now they want the courts to bail them out of their stuid investments at the expense of the small BAC shareholders, the " little guy ". It is an absolute disgrace !!
    11 Jul 2012, 05:31 PM Reply Like
  • User 462216
    , contributor
    Comments (95) | Send Message
     
    Someone made bad choices :(
    11 Jul 2012, 06:32 PM Reply Like
  • jdr1967
    , contributor
    Comment (1) | Send Message
     
    My IRA's stumbled due to me being duped. Where do I get in line for the Robin Hood hand out.
    11 Jul 2012, 10:10 PM Reply Like
  • Financial Insights
    , contributor
    Comments (958) | Send Message
     
    Why can't anyone take accountability for their actions anymore? The morons at the pension were trying to be big shots, and messed up in the process. They should be suing whoever influenced them to be so weak and spineless.

     

    So now anyone who buys a company's stock in the secondary market, can sue said company for a drop in their respective stock price. Ludicrous.
    15 Jul 2012, 05:34 PM Reply Like
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