{"id":5612,"date":"2014-04-26T00:00:00","date_gmt":"2014-04-26T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/04\/exbank_of_america_cfo_to_pay_7"},"modified":"2022-09-19T10:19:04","modified_gmt":"2022-09-19T15:19:04","slug":"exbank-of-america-cfo-to-pay-7","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/exbank-of-america-cfo-to-pay-7\/","title":{"rendered":"Ex-Bank of America CFO to Pay $7.5M to Settle with NY Over Merrill Lynch Acquisition Allegations"},"content":{"rendered":"

Joe Price, the ex-chief finance officer of Bank of America Corp. (BAC)<\/a> has consented to pay $7.5 million to settle allegations by the state of New York that the bank and its ex-executives misled investors over losses that were happening at Merrill Lynch <\/a>even as shareholders were getting ready to approve its acquisition by the bank.<\/p>\n

Bank of America\u2019s decision to purchase Merrill as Lehman Brothers Holdings Inc. was collapsing was initially seen by many as a positive. However, after the deal was made public and Merrill\u2019s problems soon became known, speculation over how much information was kept from those approving the deal mounted.<\/p>\n

The state contended that Bank of America misled shareholders about Merrill\u2019s losses to get the $18.5 billion deal approved. They then got the federal government to contribute bailout money from the Troubled Asset Relief Program to complete the sale. The bank has since become the subject of regulatory investigations and securities lawsuits over their actions. It even consented to pay $2.43 billion in 2012 to resolve a class action securities fraud case filed by investors over the Merrill acquisition. Settlements in total have to date surpassed $50 billion.<\/p>\n

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

Joe Price, the ex-chief finance officer of Bank of America Corp. (BAC) has consented to pay $7.5 million to settle allegations by the state of New York that the bank and its ex-executives misled investors over losses that were happening at Merrill Lynch even as shareholders were getting ready to approve its acquisition by the […]<\/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],"tags":[],"class_list":["post-5612","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms"],"yoast_head":"\nEx-Bank of America CFO to Pay $7.5M to Settle with NY Over Merrill Lynch Acquisition Allegations — Investor Lawyers Blog — April 26, 2014<\/title>\n<meta name=\"description\" content=\"Joe Price, the ex-chief finance officer of Bank of America Corp. 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