ABP sues Bank of America

Dutch pension fund ABP, the world’s third largest, has sued Bank of America saying it withheld vital information in 2008 about its Merrill Lynch takeover that would have led ABP to reject the deal. “Prior to the merger date, BofA appear to have had knowledge of record quarterly losses Merrill was facing. The losses were expected to exceed $15bn," ABP's assets manager APG said in a statement yesterday.