SEC, New York AG's office square off over BofA

02/17/2010 | Wall Street Journal, The

The Securities and Exchange Commission contradicted New York Attorney General Andrew Cuomo in a court filing by saying Bank of America Corp.'s December 2008 firing of general counsel Timothy Mayopoulos was unrelated to warnings he issued about increasing losses at Merrill Lynch. The SEC expects a ruling Monday on a proposed $150 million settlement it reached with the bank on its misleading of investors related to its acquisition of Merrill Lynch. "Mayopoulos knew too much," Cuomo concluded in his own complaint charging Bank of America with misleading investors.

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