Cuomo won’t let go and wants to get to the bottom of it. In what seems to unfold like a cheap soap opera, now Cuomo is reportedly close to preparing charges against Bank of America’s Ken Lewis and CFO Joseph Price over those Merrill bonuses, the WSJ reports.
This comes on the heels of today’s Judge Rakoff’s decision that he was blocking the $33 million agreed upon settlement between BofA and the SEC.
Rakoff said the settlement was “neither fair, nor reasonable, nor adequate”, in part because the Bank’s “innocent shareholders” would be picking up the tab. He scheduled a trial for Feb. 1, 2010.
Last week, Cuomo gave an ultimatum to the bank: Let us question your attorneys or we will charge you.
Said Cuomo: “We cannot simply accept bank of America’s officers naked assertions that they sought and relied on advice of counsel in good faith, and that, therefore, they should not be charged.”
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