{"id":1425,"date":"2014-03-31T20:24:02","date_gmt":"2014-03-31T20:24:02","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/03\/bank_of_america_its_exceo_to_p"},"modified":"2022-09-19T10:19:03","modified_gmt":"2022-09-19T15:19:03","slug":"bank-of-america-its-exceo-to-p","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bank-of-america-its-exceo-to-p\/","title":{"rendered":"Bank of America, Its Ex-CEO To Pay $25M to Settle Securities Case with NY Over Merrill Lynch Deal"},"content":{"rendered":"

\t\t\t\tBank of America Corp. (BAC) <\/a>and its ex-CEO Kenneth Lewis have consented to pay $25 million to settle the remaining big securities fraud case<\/a> accusing them of misleading investors about the financial state of Merrill Lynch & Co.<\/a> during the 2008 financial crisis. The New York securities case accuses the bank of deceiving shareholders by not disclosing Merrill’s increasing losses before the acquisition deal was closed or letting them know that the deal let Merrill give its officials billions of dollars in awards.<\/p>\n

As part of the settlement, the bank will pay the state of New York $15 million and it will enhance its oversight. Lewis, meantime, has consented to pay $10 million and he cannot work at or serve as a director of any public company for three years.<\/p>\n

Also named as a defendant in the securities lawsuit but who refused to settle is ex-Bank of America CFO Joe Price. NY Attorney General Eric Schneiderman intends to pursue a summary judgment against him, as well as ask a judge to reach a decision without a trial. Schneiderman reportedly wants Price permanently banned from serving as a director or working at a public company.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Bank of America Corp. (BAC) and its ex-CEO Kenneth Lewis have consented to pay $25 million to settle the remaining big securities fraud case accusing them of misleading investors about the financial state of Merrill Lynch & Co. during the 2008 financial crisis. The New York securities case accuses the bank of deceiving shareholders by […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3752,3741],"tags":[],"class_list":["post-1425","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms","category-securities-fraud"],"yoast_head":"\nBank of America, Its Ex-CEO To Pay $25M to Settle Securities Case with NY Over Merrill Lynch Deal — Investor Lawyers Blog — March 31, 2014<\/title>\n<meta name=\"description\" content=\"Bank of America Corp. 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