Compliance Week Editor-in-Chief Matt Kelly is in China. This blog posted by Compliance Week Publisher Scott Cohen:
As expected, it hasn’t taken the plaintiffs bar long to leap down the throats of companies involved in the current financial meltdown. Merrill Lynch, for example, is being sued for grabbing onto the lifeboat that is Bank of America; a suit filed in New York claims the proposed $29 acquisition price “compares poorly to Merrill’s 2007 value” (no duh—Merrill’s stock exceeded $90 per share last year). According to the suit, the acquisition attempts to “unlawfully divest Merrill public stockholders of their controlling interest in the company for grossly inadequate consideration.”
