Donna N. Reinke v Bank of America
Bank of America Sued over Investment Violations
A class action lawsuit has been filed in the Eastern District Court of Missouri against Bank of America for violations of banking law. Class members seek damages, injunctive relief, attorney's fees and costs of the litigation.
Specifically, the complaint alleges that the Bank of America, at the direction of its parent, the Bank of America Corporation (BAC), and in conspiracy with Nations Funds Trust (NFT) and others, decided to invest the assets of the affected accounts in shares of the Nations Funds and other propriety mutual funds, all of which were directly or indirectly advised and managed by subsidiaries of defendants or their affiliates. Similarly, fiduciary assets were increasing channeled into the Bank's proprietary mutual funds, typically without any material disclosures made to the beneficiaries of the affected accounts.
