BofA Hid Huge Merrill Losses Before Deal - Spokane, North Idaho News & Weather

BofA Hid Huge Merrill Losses Before Deal

HUFFINGTONPOST.COM - Top executives at Bank of America Corp did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch & Co that losses were mounting and expected to weigh down earnings for years, papers filed in private shareholder litigation show.

But the bank and former Chief Executive Kenneth Lewis said in their own court papers that they should not be liable to shareholders who claimed to have lacked information they needed to vote on the once $50 billion merger.

Lewis also said he had been advised by the bank's law firm and chief financial officer that no disclosure was necessary. click here to read more