Today in legal history...

Thursday, February 03, 2011

New York AG sued Bank of America for misleading shareholders

On February 3, 2010, the New York Office of the Attorney General filed civil charges against Bank of America (BOA), former CEO Ken Lewis, and former CFO Joseph Price, alleging that the bank misled investors in order to acquire financial firm Merrill Lynch. The complaint alleges that Merrill Lynch had significant losses in the months leading up to a shareholder vote on the merger and that Lewis and Price violated the New York Martin Act because they knew of the losses but failed to disclose them to shareholders before the vote. New York Attorney General Andrew Cuomo further criticized the firm saying the merger was an example of the type of behavior that nearly destroyed the US financial system.

Learn more about the legal repercussions of the global financial crisis from the JURIST news archive.

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