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27 Aug 2009, 3:02 am
Robert McCann, ex-head of Merrill Lynch's wealth management unit, is in talks to settle a suit he filed August 24 against Bank of America seeking to lift a noncompete clause, Reuters reported. [read post]
26 Aug 2009, 12:54 pm
., Merrill Lynch & Co., Stanford Financial Group, Sky Capital Holdings LLC., and its other larger member firms. [read post]
26 Aug 2009, 8:25 am
In short, he wants the original information he requested earlier this month (the attorneys specific involvement in the merger agreement and bonus disclosures, or lack thereof).Briefest of backgrounds: BofA has settled with the SEC for $33 million regarding the matter of whether a false proxy statement was given to BofA shareholders prior to a vote on whether to acquire Merrill (the contention: where were the Merrill bonuses disclosed?). [read post]
26 Aug 2009, 4:39 am
Judge Rakoff wants the explanation behind why a Bank of America proxy statement last November misled investors about bonuses for employees at Merrill Lynch, which was about to be acquired by the bank. [read post]
25 Aug 2009, 9:01 pm
Defense Motions to Dismiss Class Action Granted because Allegations in Class Action Complaint Failed to Meet Rule 9(b)’s Requirements for Pleading Fraud with Specificity and because Class Action’s Allegations Failed under Rule 12(b)(6) New York Federal Court Holds Plaintiffs filed a putative class action against Merrill Lynch entities, Morgan Stanley entities, Citigroup entities, Charles Schwab entities and Wachovia entities, alleging inter alia violations of the Investment… [read post]
25 Aug 2009, 3:16 pm
Monday's filings in the Bank of America-Merrill Lynch bonus controversy gave us law firm news galore, with finger pointing at Wachtell and Shearman, and Dewey's M&A chair stepping in to defend the merger agreement between the two banks. [read post]
25 Aug 2009, 2:28 pm
Judge Rakoff still isn't satisfied with the explanations given to him by the SEC and the Bank of America about the settlement involving the disclosure (or lack thereof) of Merrill bonuses in the BofA proxy statement. [read post]
25 Aug 2009, 2:22 pm
Nobody in the legal job market wants to ask the question, but if you have three and five minutes, you should jump to the discussion happening in an ATL comment string (try to overlook the snarkiness: there are some interesting points being made on both sides of the argument).All work is original to the blawg post author, and all copyrights from that blawg post are reserved. [read post]
25 Aug 2009, 11:30 am
I have blawgged before (here and here) of the continued conflict over the BofA acquisition of Merrill, and the fallout over what was known and disclosed prior to the merger regarding the Merrill bonuses. [read post]
25 Aug 2009, 11:11 am
That meant that lawyers at two firms -- Wachtell, Lipton, Rosen & Katz as well as Shearman & Sterling -- handled a decision to keep Merrill's $3.6 billion in bonus payouts a secret from Bank of America's shareholders, according to the filings. [read post]
25 Aug 2009, 7:56 am
Of course, figuring out that MLPFS was a unit of Merrill took a bit of sleuthing. [read post]
25 Aug 2009, 7:36 am
Moreover, the proxy agreement itself carved out specific exceptions to the covenant against Merrill paying bonuses, says BoA's brief. [read post]
25 Aug 2009, 7:31 am
A federal judge asked lawyers for Bank of America and the SEC to explain why shareholders didn't notice that Bank of America agreed to pay out billions in bonuses to Merrill Lynch when the two giants merged in September. [read post]
25 Aug 2009, 6:14 am
Those lawyers: Wachtell, Lipton, which represented BofA, and Shearman & Sterling, which repped Merrill. [read post]
25 Aug 2009, 2:47 am
The Securities and Exchange Commission and Bank of America on Monday defended the fairness of their proposed $33 million settlement over executive bonuses paid out by Merrill Lynch, and the bank maintained it didn't mislead investors in the affair. [read post]
25 Aug 2009, 1:56 am
The finger-pointing in Merrill Lynch's bonus troubles shifted to a new target on Monday in two courts that essentially said: blame the lawyers, The New York Times's Louise Story reported. [read post]