NY Comptroller Sues Over BofA, Merrill Lynch Deal

Law360, New York (July 22, 2010, 5:24 PM EDT) -- New York state comptroller Thomas DiNapoli has sued Bank of America NA and its subsidiary Merrill Lynch & Co. for allegedly concealing Merrill's exposure to risky mortgage-backed securities before the two companies' $50 billion merger.

DiNapoli, in his capacity as trustee for the $132.6 billion New York State Common Retirement Fund, filed separate complaints against Bank of America and Merrill on Thursday in the U.S. District Court for the Southern District of New York.

“These companies thought they could get away with profiting at the expense...
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