In a letter to Bank of America today, New York Attorney General Andrew Cuomo told the defending bank that it must reveal the details of the advice given by its counsel should the bank’s defending lawyers attempt to blame them for any of its decisions in its takeover of Merrill Lynch late last year. According to the Wall Street Journal, Cuomo made clear in his letter that BofA “cannot assert an advice of counsel defense for its decisions, and at the same time persist in refusing to disclose the substance of the conversations with counsel.” Cuomo, whose office is currently determining whether to charge BofA and its officers with violating securities law, has given the bank until next deadline to confirm that it indeed wishes to involve its legal counsel’s advice in a potential defense.
Cuomo Says BofA Must Reveal Counsel Advice
New York’s attorney general has demanded that Bank of America understand that it cannot withhold private the details of the advice given by its counsel prior to the BofA-Merrill Lynch merger.
September 8, 2009