The first batch of formerly confidential papers filed with Judge Jed Rakoff in the SEC's case against Bank of America shows that Wachtell and BofA agreed fairly quickly that the bank did not have to disclose that estimates of Merrill's fourth-quarter 2008 losses rose from $5 billion to $15 billion as a shareholder vote approached on whether to approve the Merrill acquisition. This contrasts with the narrative that New York Attorney General Andrew Cuomo has presented in his lawsuit against BofA and three top executives.
Details Emerge on Wachtell's Advice to BofA on Merrill Disclosure Issues
The American Lawyer
February 19, 2010