Bank of America charged with fraud over Merrill purchase - papers

Invoking a powerful state law used to combat securities fraud, Cuomo yesterday filed a lawsuit accusing Bank of America, Lewis and Price of intentionally failing to disclose huge losses at Merrill before a shareholder vote on the merger reports the Guardian. Cuomo alleged that later the defendants misled federal government in claiming a "surprise" increase in Merrill's losses would allow BoA to back out of the merger if it did not get massive taxpayer help. BoA ultimately received $20bn (£12.7bn) of federal bailout money from the Troubled Asset Relief Program, which it has since repaid. ...