We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Cuomo Probing Last-Minute Merrill Bonuses: Report

Law360 (January 23, 2009, 12:00 AM EST) -- New York Attorney General Andrew Cuomo has reportedly launched an investigation into last-minute bonuses issued by investment bank Merrill Lynch & Co. Inc. just days before it merged with Bank of America Corp.

According to several media reports, then-Merrill Lynch CEO John Thain pushed for bonuses totaling between $3 and $4 billion throughout December. The Financial Times reported Wednesday that Merrill's compensation committee approved the rushed bonus payments on Dec. 8, just three days after shareholders approved the shotgun marriage of Merrill and BofA.

The bonuses...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.