Ohio AG takes lead role in securities lawsuit alleging concealment by Bank of America

Ohio AG takes lead role in Bank of America lawsuit

COLUMBUS, Ohio — Ohio has taken the lead role in an aggressive securities lawsuit alleging that Bank of America Corp. concealed billions of dollars in losses and bonuses paid during the bank’s merger with Merrill Lynch.

Ohio Attorney General Richard Cordray is the top lawyer representing the state’s two largest public pension systems and other investor interests worldwide. He said Monday the action is one of the largest securities lawsuits in history.

The lawsuit says executives at both companies failed to disclose billions in losses and bonuses at Merrill Lynch to shareholders before a vote on the merger in 2008.

It seeks unspecified damages to be paid by executives and the bank to pension shareholders. A Bank of America spokeswoman did not immediately return a phone call seeking comment.