Bank of America agrees to dish up docs on Merrill Lynch deal
Bank of America, giving up a months-long fight with regulators, is turning over documents revealing legal advice it received on its purchase of Merrill Lynch.
Bank of America Corp., giving up a months-long fight with regulators, is turning over documents revealing the legal advice it received on its purchase of Merrill Lynch.
In a turnabout, the bank is waiving attorney-client privilege and disclosing recommendations it received from outside attorneys over whether to provide details to shareholders about Merrill Lynch & Co. Inc.’s mounting troubles.
“Given the pressure in multiple inquiries to provide additional insight, we’ve decided to waive it in this matter to get the issue behind us,” BofA spokesman Larry DiRita said today.
The bank has agreed to waive privilege for investigations by the New York attorney general’s office, the Securities and Exchange Commission and a congressional committee, a person familiar with its agreement said. The individual spoke on condition of anonymity because the information wasn’t publicly disclosed.
“The order negotiated by the SEC would allow us to assess further details surrounding the bank’s failure to disclose to its shareholders critical information concerning the award of bonuses to Merrill employees,” SEC spokesman John Heine said in a statement issued this morning.
InvestmentNews reporter Sara Hansard contributed to this report
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