NY’s Cuomo may charge BofA execs over Merrill

Tuesday, September 8, 2009, PM | Leave Comment

NEW YORK (Reuters) – New York’s attorney general threatened on Tuesday to file charges against top executives of Bank of America Corp over the disclosure of details regarding bonuses it authorized to Merrill Lynch & Co employees before the company’s merger.

The threat by Attorney General Andrew Cuomo comes as U.S. District Judge Jed Rakoff considers whether to approve the bank’s $33 million civil settlement with the U.S. Securities and Exchange Commission about the disclosures.

Cuomo accused Bank of America executives of using a defense of attorney-client privilege to argue against the release of more information about who authorized the payment of up to $5.8 billion in bonuses.

In a Nutshell
Investors, apparently, took little notice of Cuomo’s moves as Bank of America shares were almost flat in later afternoon trade on the New York Stock Exchange, up 3 cents to $17.12.

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