Anchorage Police & Fire Retirement System v. Bank of America Corp., No. 11-2216 (S.D.N.Y. Mar. 30, 2011)

An Alaska retirement fund filed a putative class action complaint against Bank of America and certain of its directors and officers in the Southern District of New York. Plaintiff bring claims under Sections 10(b) and 20(a) of the ’34 Act, alleging that defendants concealed material information and made false and misleading statements relating to Bank of America’s exposure to several forms of risk, including Bank of America’s (1) exposure to faulty mortgages originated by Countrywide; (2) exposure to mortgages upon which it could not legally foreclose; (3) exposure to systemic mortgage servicing problems; and (4) “dollar rolling” practice, through which the company allegedly artificially reduced reported leverage ratios while taking on more risk than it disclosed to the market and federal regulators. Complaint.