The bank giant has been ordered to reveal information on Merrill Lynch bonuses.
Wired PR News – Bank of America Corp. has been ordered to release information pertaining to bonuses previously given to Merrill Lynch employees. As reported by the Associated Press (AP), a judge ordered the financial institution on Wednesday to disclose employee bonus information given by Merrill Lynch before being taken over by Bank of America.
The order comes during an ongoing investigation by New York Attorney General Mark Cuomo into whether the brokerage firm and bank properly released the bonus information to shareholders. The decision of the New York state judge reversed a previous order that the information could remain confidential.
As noted by the AP, Merrill Lynch paid bonuses a month earlier than originally planned before the company would be sold to Bank of America, despite more than $15 billion being reported in losses for that quarter.