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NY sues Bank of America alleging fraud in Merrill deal

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AFP
Thursday, February 4, 2010

New York state officials Thursday sued Bank of America and its former top executives alleging fraud and deception to obtain billions in taxpayer bailout funds to acquire brokerage Merrill Lynch.

Andrew Cuomo, the New York state attorney general, announced the lawsuit against the bank, former chief executive Kenneth Lewis and former chief financial officer Joseph Price “for duping shareholders and the federal government in order to complete a merger with Merrill Lynch.”

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NY sues Bank of America alleging fraud in Merrill deal 190110banner4

“This merger is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system,” Cuomo said in a statement.

“Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large. This was an arrogant scheme hatched by the bank’s top executives who believed they could play by their own set of rules. In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America’s misdeeds.”

Full story here.

This article was posted: Thursday, February 4, 2010 at 1:31 pm





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