Class action against BofA gets green light

A Bank of America Corp. investor lawsuit claiming the company misled shareholders about the acquisition of Merrill Lynch & Co. may proceed as a class action, a federal judge said.

U.S. District Judge Kevin Castel in Manhattan ruled Monday that the claims in the case may go forward on behalf of investors who held Bank of America common stock and call options from Sept. 18, 2008, to Jan. 21, 2009.

Congress held hearings in 2009 questioning bonuses paid to employees of Merrill, the brokerage acquired by the bank that year, even as the firm's losses triggered a federal bailout for Charlotte-based Bank of America.

The suit, filed in 2009, claims Bank of America failed to disclose information about bonuses to Merrill employees and about the firm's financial losses in the fourth quarter of 2008. Bloomberg

Bank of America Plaza in Atlanta sold at auction

Atlanta's Bank of America Plaza, the tallest tower in the U.S. Southeast, was sold at auction Tuesday on the steps of the Fulton County Courthouse after landlord BentleyForbes missed mortgage payments.

The noteholder had a winning bid of $235 million, according to attorney Howard Walker of McGuire Woods LLP, who ran the auction. Holders of commercial mortgage bonds took ownership through a "credit bid" placed by LNR Partners, David Levin said via email. Levin is vice chairman of Miami Beach, Florida-based LNR Property LLC, the parent company of LNR Partners, the tower's special servicer.

BentleyForbes, based in Los Angeles, paid $436 million to acquire the 55-story Atlanta skyscraper in 2006 from Bank of America Corp. and Cousins Properties Inc. in the city's biggest property deal. Since the property market peaked a year after the purchase, the 1.25 million-square-foot building's value has tumbled with tenants, including namesake Bank of America, reducing space. Bloomberg

Software company to add 85 jobs over 18 months

Charlotte-based software company AvidXchange Inc. is looking to add 85 jobs here over the next 18 months, which would represent more than 50 percent growth in its payroll.

Privately held AvidXchange, which automates the bill-payment functions for companies, has 150 employees now, including about 125 in Charlotte. The company occupies two floors in the Metropolitan Building in Midtown.

CEO Mike Praeger said AvidXchange will add jobs in three main areas: software development and product management; support for those positions; and sales and marketing. Steve Byers

McClatchy beats forecasts for fourth-quarter earnings

The McClatchy Co., the nation's third-largest newspaper company by daily circulation, saw its stock reach its highest point since July after reporting above-forecast earnings on improved advertising revenue, particularly digital sales.

The shares gained 21 percent to close at $2.72. The company publishes The Observer, The (Raleigh) News & Observer, The Herald of Rock Hill and other newspapers.

McClatchy, based in Sacramento, Calif., cited a slowing of advertising-revenue declines, driven by retail, direct marketing, national, and digital ads, as well as a 9.2 percent drop in cash expenses.

The company reported net income from continuing operations of $42 million or 49 cents a share, from $15.7 million, or 18 cents a year earlier. Analysts on average had estimated 40 cents, according to a Bloomberg survey. Revenue was $351.4 million, down 5 percent from a year ago. Bloomberg