News
The Court of Chancery of the State of Delaware denied Defendants Merrill Lynch & Co., Inc. (“Merrill Lynch” or the “Company”) and Bank of America Corporation's (“Bank of America”) motion to stay or dismiss the action and granted Plaintiff County of York Employees Retirement Plan's Motion for Expedited Discovery in a class action lawsuit brought against the companies' merger.
“The Court, thus, conclude[d] that the Plaintiff has presented a colorable claim. To hold otherwise would notice as fact the very essence of Defendants' factual argument, and would allow inference and conjecture to serve as a factual record,” stated the Honorable John W. Noble, Vice Chancellor presiding over the lawsuit.
In this case, the Plaintiff alleged that Merrill Lynch's Board of Directors hastily agreed to sell the Company to Bank of America over the course of a weekend without adequately informing themselves of the true value of the Company or the feasibility of securing a viable alternative transaction that would be more beneficial to its shareholders.
