We have filed a class action lawsuit against Bank of America on behalf of all of the shareholders of the Company. We are long-term holders of Bank of America common stock, and we have never filed a class action lawsuit before. While we expect any monetary recovery with respect to the lawsuit to be modest on a per share basis, we strongly believe that the management and the board of directors have violated securities laws and regulations.
We hope that our lawsuit will focus attention on the alleged misdeeds of management and the board of directors with respect to the Merrill Lynch transaction. We believe that they have acted without regard for the interests of shareholders. The board of directors is elected to serve the interests of shareholders and serve at the pleasure of the shareholders. Their loyalty should be first and foremost to the shareholders.