BofA Strikes SEC Deal, Faces NY AG's New Suit

Law360, New York (February 4, 2010, 6:26 PM EST) -- New York Attorney General Andrew Cuomo slapped Bank of America Corp. Thursday with a suit accusing it of duping shareholders and the government during its takeover of Merrill Lynch & Co., the same day the U.S. Securities and Exchange Commission sought approval for a $150 million settlement involving many of the same allegations.

Attorney General Andrew Cuomo's lawsuit, filed in the New York County Supreme Court, also named former CEO Kenneth Lewis and ex-Chief Financial Officer Joseph Price as defendants.

The bank's management hid massive losses...
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