Ohio pension funds receive boost from lawsuit
Columbus, Ohio: The State Teachers Retirement System of Ohio and the Ohio Public Employees Retirement System are expected to collect in excess of $20 million from a $2.43 billion dollar settlement with Bank of America. These groups were lead plaintiffs in a lawsuit that alleged Bank of America mislead investors during their acquisition of Merrill Lynch at the peak of the 2008 finical crisis. The Bank of America has denied any wrongdoing, and says it settled in order to quell rumors and avoid further litigation. The State Teachers Retirement System of Ohio is expected to receive $9.7 million and Ohio Public Employees Retirement System is expected to receive $11.8 million. Attorney Mike DeWine was quoted in the Dispatch as stating that up to 70,000 individual investors could also stand to benefit from the lawsuit.
- Wall Street Journal, "Bank of America to pay $2.43B in settlement," accessed September 30, 2012
- The State Teachers Retirement System of Ohio
- Ohio Public Employees Retirement System