Former BofA chief to pay $7.5m settlement

The New York State attorney general announced Friday that the office had reached a $7.5m settlement with Joe Price, the former chief financial officer for Bank of America, over allegations that the bank’s management withheld material information related to its 2008 merger with Merrill Lynch.

The New York Times reports that the attorney general, Eric Schneiderman, accused Bank of America’s top executives, including Price, of failing to disclose more than $9bn of projected losses at Merrill Lynch to Bank of America shareholders before a vote on the acquisition.

The settlement is the latest move in Schneiderman’s broader crackdown on the Wall Street executives who led some of the country’s largest financial institutions during the crisis. Last month, Schneiderman’s office reached a $10m settlement related to the Merrill Lynch merger with Bank of America and its former chief, Kenneth Lewis, who stepped down in 2009.

Ex-Finance Chief at Bank of America to Pay $7.5 Million in Settlement:

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