NEW YORK/ORLANDO, Florida (Reuters) - New York's attorney general charged Bank of America Corp, former Chief Executive Kenneth Lewis and former Chief Financial Officer Joe Price with fraud for allegedly misleading shareholders about the bank's acquisition of Merrill Lynch & Co. Separately, the U.S. Securities and Exchange Commission said the largest U.S. bank agreed to pay a $150 million (95 million pounds) civil fine and strengthen disclosure and corporate governance to settle its two lawsuits alleging poor disclosure of Merrill's losses and bonus payouts. The accord requires court approval.
NEW YORK/ORLANDO, Florida (Reuters) - New York's attorney general charged Bank of America Corp, former Chief Executive Kenneth Lewis and former Chief Financial Officer Joe Price with fraud for allegedly misleading shareholders about the bank's acquisition of Merrill Lynch & Co.
Separately, the U.S. Securities and Exchange Commission said the largest U.S. bank agreed to pay a $150 million (95 million pounds) civil fine and strengthen disclosure and corporate governance to settle its two lawsuits alleging poor disclosure of Merrill's losses and bonus payouts. The accord requires court approval.
The bank bought Merrill after examining its books for just 25 hours, Cuomo claimed. Shareholders approved the deal on Dec. 5, 2008. The acquisition closed Jan. 1, 2009, after Merrill losses had increased by billions of dollars, a change the bank didn't disclose before the shareholder vote, Cuomo said. "It's the way we approved acquisitions that ticks me off the most!!!" director Chad Gifford later wrote in an e-mail about the last-minute switch, according to a securities-fraud complaint Cuomo filed yesterday in state court in New York. Lehman filed for bankruptcy on Sept. 15, 2008. Read more...
"It's the way we approved acquisitions that ticks me off the most!!!" director Chad Gifford later wrote in an e-mail about the last-minute switch, according to a securities-fraud complaint Cuomo filed yesterday in state court in New York. Lehman filed for bankruptcy on Sept. 15, 2008.
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thass ma boy Harold F.'s joint! He on leab ba absinths. Diversity is the key to economic and political evolution.
