bank-of-america-officers-could-face-charges-over-merrill-merger

Bank of America officers could face charges over Merrill merger

Bank of America is told that it cannot use attorney-client privilege to withhold information about why BoA shareholders didn't receive material disclosures regarding Merrill's situation.

Attorney General Andrew Cuomo's office in New York has once again requested information from Bank of America regarding the Merrill Lynch merger, saying it is making decisions whether to charge BoA staff and cannot rely on BoA assertions that it acted on the advice of counsel. This time Cuomo's office has written to BoA's external counsel to make its case.

BoA is improperly using the attorney-client privilege as both a sword and a shield in defending each of its failures to disclose material information to its shareholders, said David Markowitz, bureau chief, investor protection bureau, in a letter addressed to BoA's attorneys Cleary Gottlieb Steen Hamilton.
 
The letter,...

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