New York AG's complaint says the bank's general counsel changed direction on whether to disclose mounting losses at Merrill Lynch before shareholders voted on the merger — and also suggests that the GC was misled by other execs about the size of the losses.
February 08, 2010 at 12:00 AM
1 minute read
Last week’s flurry of legal action in the Bank of America Corporation controversy raised new questions about the role that the bank’s former general counsel played in the deal.
Did Timothy Mayopoulos really change course on whether the bank should disclose to shareholders the mounting losses at Merrill Lynch & Co., Inc. before they voted on the merger? If so, why? In addition, was Mayopoulos misled by other executives about the size of Merrill’s losses?
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