{"id":744,"date":"2010-08-31T14:07:44","date_gmt":"2010-08-31T14:07:44","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2010\/08\/former_bank_of_america_ceo_den"},"modified":"2022-03-09T16:01:06","modified_gmt":"2022-03-09T22:01:06","slug":"former-bank-of-america-ceo-den","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-bank-of-america-ceo-den\/","title":{"rendered":"Former Bank of America CEO Denies Allegations of Securities Fraud During Merrill Lynch Acquisition"},"content":{"rendered":"

\t\t\t\tKenneth D. Lewis, Bank of America<\/a>‘s former chief executive, says that New York Attorney General Andrew Cuomo’s securities fraud <\/a>allegations in connection with the bank’s merger with Merrill Lynch <\/a>are without merit. Lewis is accused of purposely withholding information from the shareholders who approved Bank of America’s acquisition of Merrill. <\/p>\n

In his filing with the state supreme court, Lewis claims that Cuomo’s securities lawsuit places blame “where it does not belong.” Lewis contends that all decisions he made regarding the acquisition were done in “good faith” and with the shareholders’ best interests in mind. <\/p>\n

Cuomo’s securities fraud complaint charged BofA, Lewis, and ex-CFO Joe Price of concealing from shareholders the fact that Merrill brought with it billions of dollars in debt. The NY Attorney General contends that the information was withheld so that the shareholders would approve the merger between the two financial institutions. He also has accused the defendants of exaggerating the degree of Merrill’s losses so that federal help would be provided through the Troubled Asset Relief Program.<\/p>\n

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

Kenneth D. Lewis, Bank of America‘s former chief executive, says that New York Attorney General Andrew Cuomo’s securities fraud allegations in connection with the bank’s merger with Merrill Lynch are without merit. Lewis is accused of purposely withholding information from the shareholders who approved Bank of America’s acquisition of Merrill. In his filing with 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-744","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms"],"yoast_head":"\nFormer Bank of America CEO Denies Allegations of Securities Fraud During Merrill Lynch Acquisition — Investor Lawyers Blog — August 31, 2010<\/title>\n<meta name=\"description\" content=\"Kenneth D. 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