Bank of America Accused of Hiding Bad News on Merrill Before Buyout
Filed under: Bank of America, Banking
By Jonathan Stempel
Top executives at Bank of America (BAC) did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch & Co that losses were mounting and expected to weigh down earnings for years, papers filed in private shareholder litigation show.
But the bank and former Chief Executive Kenneth Lewis said in their own court papers that they should not be liable to shareholders who claimed to have lacked information they needed to vote on the once $50 billion…
Bank of America Accused of Hiding Bad News on Merrill Before Buyout originally appeared on DailyFinance.com on 2012-06-04T14:14:00Z.
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