CalPERS, CalSTRS Stand Up to BofA Management

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California’s biggest pension fund turned up the heat on Bank of America Corp.’s board Tuesday, saying it would vote its 22.7 million shares against all 18 directors at today’s annual meeting.

The California Public Employees’ Retirement System joined with other activist shareholders irritated by the company’s failure to tell shareholders about the financial woes of Merrill Lynch & Co. before the bank bought the brokerage last year. The California State Teachers’ Retirement System also has said it would vote against all BofA directors.

New York Atty. Gen. Andrew Cuomo disclosed last week that Bank of America Chief Executive Ken Lewis said he was pressured by the federal government to go through with the takeover despite alarm over Merrill’s rising losses.



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