The value of Bank of America stock owned through the Bank of America 401(k) Plans (the "Plans"), has fallen dramatically.  As compared to the 4^th quarter profits of 2006, on January 22, 2008, Bank of America reported a 95% profit plunge for the 4^th quarter of 2007.  This profit plunge led to trading account losses of $5.44 billion.  Driving the loss was $5.3 billion worth of write-downs on collateralized debt obligations, or CDOs.  CDOs are pools of securitized loans and other asset-backed paper, which in this case, were tied to the mortgage industry. 

It is alleged that Bank of America and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan.  A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings. 

Current and former Bank of America employees who own Bank of America stock through the Plans may be able to recover their losses.  If you or anyone you know is a member of the Bank of America 401(k) Plans and purchased Bank of America stock through the Plans, and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by This email address is being protected from spam bots, you need Javascript enabled to view it .