Investor claims Bank of America hid Merrill Lynch losses

01/22/2009 | Bloomberg

Shareholder Steven Sklar charged in a complaint in U.S. federal court that Bank of America failed to disclose about $15.3 billion in losses by Merrill Lynch before shareholders voted to approve the acquisition of Merrill. The complaint states that Bank of America CEO Kenneth Lewis never revealed Merrill's problems "despite his knowledge of Merrill Lynch's staggering losses."

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