bofa takeover of merrill

Bank of America has told U.S. regulators that it has met the final condition that was set on its plan to exit the government's Troubled Asset Relief Program. BofA, which repaid $45 billion in TARP funds in December 2009, needed to raise $3 billion in capital by the end of 2010.

New York Attorney General Andrew Cuomo has sued Bank of America over its Merrill Lynch takeover, claiming it failed to disclose what bad shape Merrill was in before shareholders voted on the deal. Responses to the charges have been filed, with ex-CEO Ken Lewis' the most aggressive.

New York Attorney General Andrew Cuomo filed a lawsuit accusing Former Bank of America CEO Kenneth Lewis of misleading investors about Merrill Lynch's mounting losses before Bank of America acquired the firm in late 2008. The bank and its former chief financial officer, Joseph L. Price, were also charged.

Bank of America's (BAC) leaked decision to appoint an "emergency" CEO likely has investors questioning what the embattled bank's board of directors know about the likelihood of criminal charges soon surfacing against outgoing Chief Executive Ken Lewis. A five-member committee at BofA is due to...