Merrill Hid Bonus Payout Info From Congress: Cuomo

Law360, New York (March 11, 2009, 12:00 AM EDT) -- New York Attorney General Andrew Cuomo revealed in court documents Wednesday that Merrill Lynch & Co. Inc. hid information from Congress about when its directors decided to dole out $3.62 billion in bonuses.

The attorney general claims in a memorandum filed in the New York State Civil Supreme Court that Merrill Lynch misled Congress by claiming that it would not decide bonuses until the end of the year and decided to pay out the $3.62 billion bonuses without factoring in “gargantuan” year-end losses.

According to Cuomo,...
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