NYT: Attorney General Andrew M. Cuomo of New York on Thursday sued Bank of America (BoA) and its former chief executive and chief financial officer over its failure to disclose a multibillion-dollar loss and big bonus payouts at Merrill Lynch before shareholders voted on the merger in December 2008. (Read the lawsuit after the jump.)
The bank has also agreed to pay $150 million to settle lawsuits by the Securities and Exchange Commission over the Merrill issue, the regulator said in court papers filed Thursday, pending court approval. The firm agreed to settle without admitting any wrongdoing. (Read the proposed settlement here.)
