Shareholders to wage war on Bank of America board?

March 24, 2009 | By Jim Kim

There could be some fireworks at Bank of America's annual meeting on April 29. Shareholder anger is still mounting. CalPERS and CalSTRS, two of the largest U.S. pensions, have decided to take on the Bank of America board. They filed a request to be named lead-plaintiffs in what they hope will be certified a class action. They say they have lost nearly $250 million jointly because management mislead shareholders with false statement regarding the Merrill Lynch deal, regarding not only Merrill's true financial state but also the bonuses that went out in December as the company was tanking.

In addition, Finger Interests Number One, led by longtime shareholder Jerry Finger, which owns about one-fifth of one percent of Bank of America stock, said in a regulatory filing that it will seek the ouster of CEO Ken Lewis and two directors O. Temple Sloan and Jackie Ward. Recall also that a union-backed group is also seeking the ouster of Lewis.

For more:
- here's an article from TheStreet.com