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Chimicles & Tikellis LLP Announces Court Approval Of $62.5 Million Settlement Of Bank Of America Derivative Litigation

...during the course of this week we have been engaged in negotiations in particular with the Delaware objectors, no longer objectors.

The settlement which resulted, and that resulted, obviously, from the participation of Delaware... is now substantially larger, greater than three times what we originally thought was an appropriate settlement.

Counsel for Bank of America added:

We commend all of the parties for how hard they worked in the past week.  And, in particular, counsel for the Delaware objectors who, in our view, in many respects, are principally responsible for the increase in the cash component of the settlement.

After four years of vigorous litigation seeking damages on behalf of Bank of America, Chimicles & Tikellis is pleased that the revised settlement delivers substantial value to Bank of America representing a more than three-fold increase over the original settlement, bringing the litigation to a successful conclusion for Bank of America and its stockholders.

CONTACT INFORMATION: Pamela S. Tikellis Robert J. Kriner, Jr. Scott M. Tucker CHIMICLES & TIKELLIS LLP 222 Delaware Avenue, Suite 1100 P.O. Box 1035 Wilmington, DE 19899 Telephone: (302) 656-2500 Fax: (302) 656-9053 Website:

For over twenty-five years, Chimicles & Tikellis LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered billions of dollars for its clients.  The firm is nationally recognized, and its litigators hold many professional honors and distinctions.  Chimicles & Tikellis LLP, 222 Delaware Avenue, P.O. Box 1035, Wilmington, DE 19899 (302) 656-2500.

SOURCE Chimicles & Tikellis LLP

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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