New York Paralegal Blog

NEW YORK, NY (February 4, 2010) - Attorney General Andrew M. Cuomo, joined by Special Inspector General for the Troubled Asset Relief Program Neil Barofsky, today announced a lawsuit against Bank of America, its former CEO Kenneth D. Lewis, and its former CFO Joseph L. Price for duping shareholders and the federal government in order to complete a merger with Merrill Lynch. According to the lawsuit, Bank of America’s management intentionally failed to disclose massive losses at Merrill so that shareholders would vote to approve the merger. Once the deal was approved, Bank of America’s management manipulated the federal government into saving the deal with billions in taxpayer funds by falsely claiming that they would back out of the deal without bailout funds. “This merger is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system,” said Attorney General Cuomo. “Bank of America, through its top management, e...

WASHINGTON — A protracted case that started with a U.S. Department of Labor Office of Federal Contract Compliance Programs (OFCCP) investigation has resulted in an administrative law judge's (ALJ) recommended ruling that Bank of America discriminated against African-American job applicants for entry level positions in Charlotte, N.C., in 1993 and from 2002 to 2005. "The Labor Department is committed to ensuring that all workers — including African-Americans — are treated fairly by federal contractors in decisions concerning hiring, promotion and compensation," said OFCCP Director Patricia A. Shiu. "Further, contractors cannot use litigation as a means to obstruct OFCCP's ability to conduct its authorized investigations and pursue relief for victims of discrimination."