Tags: bofa | bonus | probe | cuomo

Report: Bank of America Aims to Settle Bonus Probe by N.Y.

Tuesday, 12 Jan 2010 10:47 AM

Bank of America Corp. is in talks with New York attorney general Andrew Cuomo's office to settle a probe on bonuses paid to Merrill Lynch executives, the New York Times reported, citing people with knowledge of the matter.

According to the paper, the two sides met last Friday to discuss a possible deal and while no settlement had been reached, the talks were continuing.

The bank is also looking to settle claims that it failed to adequately disclose the risks of its takeover of Merrill to its shareholders, the paper said.

BofA did not immediately reply to an email seeking comment. The New York Attorney General's office was not available for comment outside regular U.S. business hours.

Andrew Cuomo asked eight major U.S. banks to turn over data on planned bonuses for 2009 on Monday, amid a growing public outcry over payouts in light of the industry's role in the near-collapse of the financial system and the recession.


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Bank of America Corp. is in talks with New York attorney general Andrew Cuomo's office to settle a probe on bonuses paid to Merrill Lynch executives, the New York Times reported, citing people with knowledge of the matter. According to the paper, the two sides met last...
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