O’Hare et al. v. Moynihan et al., No. 11 – 103729 (Sup. Ct. N.Y. Mar. 28, 2011)

A shareholder derivative action was brought in New York Supreme Court against members of the Board of Directors of Bank of America and certain of its executive officers, alleging breaches of fiduciary duties during a ten-month period in 2010. Plaintiffs allege that defendants issued materially false and misleading statements regarding Bank of America’s business, concealing defects in the recording of mortgages and improprieties with respect to the preparation of foreclosure paperwork. Plaintiffs allege that these misstatements harmed Bank of America and its investors when the company had to temporarily discontinue foreclosures and admit to the problems it was experiencing. Complaint.