A Jurist report notes that the New York Office of the Attorney-General has filed civil charges against Bank of America (BOA), former CEO Ken Lewis, and former CFO Joseph Price, alleging that the bank mislead investors in order to acquire financial firm Merrill Lynch.

The complaint alleges that Merrill Lynch had significant losses in the months leading up to a shareholder vote on the merger and that Lewis and Price violated the New York Martin Act because they knew of the losses but failed to disclose them to shareholders before the vote. New York Attorney-eneral Andrew Cuomo further criticised the firm saying the merger was an example of the type of behaviour that nearly destroyed the US financial system.
Full Jurist report
Act