Bank of America sued over Merrill Lynch bailout

Fri Feb 5, 2010

BBC News

Legal action has begun against Bank of America and its former bosses, accusing them of duping investors and taxpayers during the takeover of Merrill Lynch.

The defendants are accused of intentionally withholding details of huge losses Merrill was suffering.

New York state officials have filed the action against the bank, former chief executive Kenneth Lewis and former chief financial officer Joseph Price.

Bank of America said the charges were "regrettable" and lacked merit.

Full Story: http://news.bbc.co.uk/2/hi/business/8499281.stm

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