Bank of America executives summoned
Published:Thursday | September 17, 2009 | 8:51 AM
Five current and former directors of the Bank of America have reportedly been subpoenaed by the office of New York Attorney General Andrew Cuomo.
They’re likely to be asked how much they knew of Merrill Lynch\'s problems and bonuses when they agreed to buy it.
Bank of America saved Merrill Lynch from collapse a year ago.
Earlier this week, a US federal judge ruled that the bank would have to go to trial to settle allegations it misled shareholders about bonus payments.
District Judge Jed Rakoff rejected the $33 million settlement between Bank of America and its regulator, the Securities and Exchange Commission.