BofA Officers Defend Merrill Deal, Counsel Shakeup

Law360, New York (November 17, 2009, 1:59 PM EST) -- Bank of America NA officials defended the company's purchase of Merrill Lynch & Co. before the U.S. House of Representatives on Tuesday, denying speculation that BofA's top lawyer was booted midtransaction for implying the bank had no legal grounds to pull out of the deal.

During its fourth hearing into the controversial tie-up between Merrill and BofA, House Oversight and Government Reform Committee members pressed senior BofA officials and board members about whether company officials used a material adverse change clause in the deal contract as...
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