Bloomberg News Bank of America Corp. won't face damages claims related to its 2009 Merrill Lynch acquisition in a lawsuit filed by the New York Attorney General's Office.
New York Attorney General Eric Schneiderman is still pursuing the case without the damages claim, Matt Mittenthal, a spokesman for the office, said Friday. The lawsuit also seeks an injunction barring individuals from the securities industry and from serving on public boards.
The state has accused Charlotte, N.C.-based Bank of America (BAC) of misleading shareholders about losses at Merrill Lynch to win approval of the $18.5 billion deal and then manipulating the federal government into contributing bailout funds from the Treasury Department's Troubled Asset Relief Program to complete it.
The bank has faced regulatory probes, investor lawsuits and criticism from lawmakers over claims it didn't
No comments:
Post a Comment