Five public pension funds, including state funds in Ohio and Texas, have won the right to lead investor class-action lawsuits against Bank of America, over its Merrill Lynch acquisition, Reuters reports. The lawsuit is led by the State Teachers Retirement System of Ohio, the Ohio Public Employees Retirement System and the Teachers Retirement System of Texas.

The group of funds beat competition from two of the three largest U.S. public pension funds, the California Public Employees’ Retirement System and the California State Teachers’ Retirement System. The investors claim the bank misled them over the state of Merrill’s health prior to its purchase on Jan. 1.

For the complete story, click here.

For additional coverage, click here.