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Bank of America Corp : Exclusive: NY AG won’t ask Bank of America for damages but Merrill case goes on

Bank of America Corp : Exclusive: NY AG won’t ask Bank of America for damages but Merrill case goes on

New York Attorney General Eric Schneiderman has abandoned his effort to obtain damages from Bank of America Corp over its purchase of Merrill Lynch & Co, but plans to press on with the case, his lawyers said in court on Friday.

Schneiderman will seek to bar the bank’s former chief executive, Kenneth Lewis, and former chief financial officer, Joe Price, from the securities industry and from serving on boards of public companies, according to his office. It was not clear what sanctions he would seek from the bank.

The 2010 lawsuit filed in New York state court by Schneiderman’s predecessor, Andrew Cuomo, accused Bank of America of misleading shareholders about Merrill’s losses and bonus largesse prior to a December 2008 vote on the merger.

One response to “Bank of America Corp : Exclusive: NY AG won’t ask Bank of America for damages but Merrill case goes on

  1. Pingback: New York Attorney General Eric Schneiderman |

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