The charges are the latest legal fallout from a long-running, multi-pronged investigation of the bank’s
In a news conference Thursday, Cuomo said his office is charging the bank with securities fraud because it “”understated”” Merrill’s losses to investors in order to win approval of the deal during a
In the
“”We find it regrettable and are disappointed that the NYAG has chosen to file these charges, which we believe are totally without merit,””
“”In fact, the
Price is now the bank’s head of consumer banking. Stickler said his job status has not changed.
Cuomo’s investigation began in
Under continued fire for the Merrill deal, Lewis announced plans to step down on
At the Thursday news conference,
Markowitz declined to comment on whether the attorney general’s investigation played a role in
The proposed
The settlement also requires the bank to:
—Retain an independent auditor to audit of the bank’s internal disclosure controls.
—Have its CEO and CFO certify they have reviewed all annual and merger proxy statements.
—Hire lawyers to advise the board’s audit committee on disclosure issues.
—Strengthen the independence of board compensation committee members.
—Hold an annual “”say-on-pay”” vote on executive compensation.
Under its agreement with
Cooper said
“”I’ve talked with the new leadership of
The
The