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Bank of America ex-CEO accused of deceving shareholders

by on February 11, 2010

While reading recent headlines, I came across a very interesting article about Bank of America’s possible involvment in a fraud activity.

http://www.boston.com/business/articles/2010/02/05/bank_of_america_faces_fraud_lawsuit/?page=1

Bank of America faces fraud lawsuit – over Merrill Lynch deal. Ex-CEO Kenneth Lewis is accused of deceving shareholders when they acquired Merrill Lynch for $50 billion. Kenneth Lewis says that the lawsuit is baseless.

While reading the lawsuit filed by Cuomo, I found it very interesting to read…

“Cuomo quotes bank director and NStar chief executive Thomas May as being “surprised’’ to learn, arriving at the meeting, that the company was acquiring Merrill Lynch instead of Lehman Brothers Holdings Inc.”

Was BoA really involved in the fraud? Are their acquisitions policies in place correctly? If found guilty would the Ex-CEO apologize? In the coming days, it would be interesting to find answers to these questions.

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