Bank Of America (BAC) to Disclose Merrill Lynch Documents
Bank of America (NYSE: BAC) announced that it will hand over documents containing legal advice that it received in regards to the purchase of Merrill Lynch and Co, a Wall Street Journal article reports. This is a reversal after months of Bank of America resisting the move.
Bank of America is looking to become a more stable, less-pressured company in the coming months as Chief Ken Lewis departs on Dec. 31.
Monday, the bank announced to NY Attorney General Andrew Cuomo that it would waive the attorney-client privilege.
The decision will have Bank of America handing over many documents, including memos and emails, to federal, state, and congressional officials involved in investigating the Merrill Lynch purchase.
Bank officials said they followed the advice of lawyers during the process, but refused to disclose details of any legal advice received during the transaction.
The law firms that may be named are Wachtell, Lipton, Rosen & Katz for Bank of America, and Shearman & Sterling LLP for Merrill Lynch. Bank of America also recently hired Paul, Weiss, Rifkind, Wharton & Garrison LLP to join Cleary, Gottlieb, Steen, & Hamilton LLP.
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