New York Attorney General Andrew Cuomo issued five subpoenas to directors at Bank of America today in connection with his office’s investigation of the bank’s acquisition of Merrill Lynch at the beginning of the year, according to Forbes. The five directors—William Barnet, John T. Collins, General Tommy Franks, Walter E. Massey, and Thomas J. May—were the first of the fifteen that served on the BofA board during the Merrill Lynch merger. Only Massey and May still sit on the BofA board. Cuomo’s case is that BofA directors knew of the mounting losses at Merrill Lynch without disclosing such information to the shareholders that approved the buyout on December 5.
Cuomo Subpoenas Five BofA Directors
Cuomo has issued subpoenas for five of the fifteen directors that served on the BofA board at the time of the Merrill merger.
September 17, 2009