CHARLOTTE, North Carolina (
) -- A $50 billion lawsuit against
Bank of America
that arises from the bank's acquisition of
in 2008 is making its way in Federal District Court in Manhattan, according to
The New York Times
The plaintiffs -- which include the Ohio Public Employees Retirement System and a Netherlands pension plan -- contend Bank of America engaged in a deliberate effort to deceive the bank's shareholders, the
The plaintiffs say former CEO Kenneth Lewis and Joseph Price, former chief financial officer, began to learn of large losses at Merrill Lynch in early November 2008, months before the acquisition closed.
The plaintiffs claim that Price and other senior Bank of America executives sought to keep quiet about the losses, estimated at up to $10 billion.
Bank of America most likely will try to settle the litigation, according to the
. The settlement value appears to be in the billions.
-- Written by Joseph Woelfel
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