BofA, ex-CEO Lewis Reject Cuomo Fraud Lawsuit

Friday, 20 Aug 2010 01:05 PM

 

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Former Bank of America Corp Chief Executive Kenneth Lewis rejected fraud charges in a lawsuit by New York's attorney general who accused him of misleading shareholders about the bank's takeover of Merrill Lynch & Co nearly two years ago.

In court papers filed on Wednesday, Lewis said New York Attorney General Andrew Cuomo had no basis in his civil lawsuit filed in February to allege a conspiracy to mislead the public and shareholders.

Bank of America separately filed papers saying Cuomo's lawsuit failed to state any claim warranting relief, while Lewis and former Chief Financial Officer Joseph Price said the lawsuit should be dismissed.

"Some have looked to assign blame for every aspect of the financial crisis, even where there is no evidence of misconduct," Lewis said in his filing in the New York State Supreme Court in Manhattan. "This case is a product of that dynamic and does not withstand either legal or factual scrutiny."

Richard Bamberger, a spokesman for Cuomo's office, declined to comment.

Price remains at Charlotte, North Carolina-based Bank of America as its consumer banking chief.

The case is Cuomo v. Bank of America Corp et al, New York State Supreme Court, New York County, No. 450115/2010.

© 2014 Thomson/Reuters. All rights reserved.

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