9/9/2009

Bank of America could face charges related to its takeover of Merrill Lynch, according to New York Attorney General Andrew Cuomo. In a letter to company officials, Cuomo's office said Bank of America failed to disclose key details about the acquisition. "The law is clear that Bank of America and its officers cannot assert an advice of counsel defense for their decisions, and at the same time persist in refusing to disclose the substance of the conversations with counsel," wrote David Markowitz, chief of Cuomo's investor-protection bureau.

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