Bank of America, former execs face fraud charges in N.Y.

02/12/2010 | Reuters · Wall Street Journal, The

Bank of America, its former CEO Ken Lewis and its former Chief Financial Officer Joe Price have been charged with fraud by the office of New York Attorney General Andrew Cuomo. The charges come as the bank waits to see whether a judge will approve a $150 million settlement of similar charges by the Securities and Exchange Commission. "The behavior is just egregious and reprehensible," Cuomo said of the actions Bank of America took in failing to make certain disclosures to investors when it acquired Merrill Lynch.

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Reuters · Wall Street Journal, The