CALPERS Opposes Re-election of Each Member of Bank of America’s Board
8 June 2009
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From the Investment Fraud Blawg
As reported by multiple sources including CNBC.com, the California Public Employees Retirement System stated publicly that it opposes the reelection of each of the 18 members of Bank of America’s board, including Chairman Ken Lewis.
This should come as welcome news to Bank of America shareholders following a year in which the company (1) suffered a decline in market value of more than 80%; (2) its questionable purchase of Merrill Lynch; and, (3) possible breaches of fiduciary duty by the board to company shareholders in connection with the Merrill Lynch acquisition.
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