New York AG Filing Civil Charges Against Bank Of America

The New York Attorney General's office is filing civil charges against Bank of America and its former CEO Ken Lewis, saying the bank misled investors about Merrill Lynch when it acquired the Wall Street bank in late 2008.

Civil charges were also being filed against Joe Price, the bank's former chief financial officer.

Lewis stepped down from Bank of America on Dec. 31 after almost a year of strife that followed the bank's purchase of Merrill Lynch.

Bank of America has been accused of failing to properly disclose losses at Merrill and bonuses paid to investment bank employees before the deal closed.

Bank of America was not immediately available to comment.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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  • by Lynda Location: greenville on Feb 4, 2010 at 03:10 PM
    To Chuck - that is capitalism. they are not required to give you a credit card much less a low interest rate. if you don't want to pay interest then don't carry a balance on the card. if you think their interest is too high cancel the card and/or get one with a better interest rate from a different company. competition exists. i have a BOA credit card and have never had any problems with their bank. of course i never carry a balance form month to month and have never had to make an interest payment. if you don't like interest, don't spend more than you have.
  • by Chuck Location: Greenville on Feb 4, 2010 at 01:09 PM
    Not Supprised at anything the Bank Of America Does.I Have a excellent credit rating & Had a BOA credit card.Well they Jacked up my rare from 9.99% to 24.99%.I Was Never Late Paying,Never over the limit,& Only Owed $500.00 or so on a card with a $2000.00 Limit. I Went to BOA Local office & Paid them off.I Am Thrugh with those crooks.If You Do Businees with BOA You better watch your back. I Walked out of that bank & Looked up at Heaven & Told the good lord to kill me dead if i ever walked into the BOA bank again.
  • by enc Location: enc on Feb 4, 2010 at 12:15 PM
    well..there goes my stock...
  • by Bubba Location: Scotland neck on Feb 4, 2010 at 11:09 AM
    It's way overdue.

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