Judge: Lead Plaintiffs Failed To Plead Materiality In Making Securities Claims

NEW YORK - A federal judge in New York on March 16 granted two motions to dismiss a shareholder class action lawsuit alleging that Bank of America Corp. (BAC) and others misrepresented the investment quality of securities it sold to the shareholders in violation of federal securities law, ruling that the lead plaintiffs have failed to plead any materially false and misleading statements (NECA-IBEW Pension Trust Fund, et al. v. Bank of America Corp., et al., No. 10-0440, S.D. N.Y.).

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