Facing a Congressional probe that aims to take apart its discussions with Merrill Lynch late last year, Bank of America has until noon today to present the relevant information requested by the Committee on Oversight and Government Reform, according to the New York Times. Having fallen back on the privacy guaranteed by the attorney-client privilege, BofA now faces a rejection of such a right by Committee Chairman Edolphus Towns, who is demanding information related to BofA’s knowledge of the tremendous losses suffered by Merrill prior to its acquisition. BofA is also facing inquiries from the Securities and Exchange Commission and the New York attorney general’s office.
Deadline Looms for BofA
A Congressional probe into its merger with Merrill Lynch has BofA pressed to provide relevant legal information.
September 21, 2009