New York Attorney General Andrew Cuomo’s office filed charges against Bank of America Corp. as well as it former chief executive Kenneth Lewis and its former chief financial officer Joseph Price for allegedly hiding losses at Merrill Lynch before its acquisition of the brokerage firm.
According to the lawsuit, Bank of America’s [BAC] management intentionally failed to disclose massive losses at Merrill before shareholders approved the acquisition. Moreover, once the deal was approved, management then allegedly manipulated the federal government into granting a massive taxpayer bailout, according to the complaint.
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