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BofA Chair Ousted Amid Calls For Info On Merrill Deal

Law360 (April 29, 2009, 12:00 AM EDT) -- Shareholders of Bank of America Corp. voted Wednesday to remove CEO Kenneth Lewis from his role as chairman, amid calls by Rep. Spencer Bachus, R-Ala., for more information on BofA's shaky buyout of Merrill Lynch & Co.

Brandishing recent reports that the U.S. Department of the Treasury and the Federal Reserve Board pressured Lewis to complete the buyout of Merrill Lynch & Co., lawmakers continued their call for more information about the merger’s inadequate disclosures.

Bachus, the ranking Republican on the House Financial Services Committee, on...
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