Regulator says BofA execs sought advice about MAC clause in Merrill deal:

09/9/2009 | Financial Times (tiered subscription model)

The office of New York Attorney General Andrew Cuomo said that executives at Bank of America sought legal advice about how the "material adverse change" clause would apply to Merrill Lynch's deteriorating financial position. The state regulator said the move came before the Dec. 5 BofA shareholder vote on the Merrill acquisition. BofA has said concerns over Merrill's losses only reached a crisis level after the vote.

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