- Former Bank of America (BAC -1.7%) CFO Joe Price will pay a fine of $7.5M and be prohibited from serving as an officer or director of a public company for 18 months to settle charges lobbed by the New York AG that he - along with other BofA execs - failed to disclose more than $9B of projected losses at Merrill Lynch prior to a shareholder vote on the acquisition. Former bank CEO Ken Lewis last month agreed to pay $10M to settle.
- NY AG Schneidermann's office says it has evidence the bank withheld information from the federal government as well even as it sought financial aid.
- Can shareholder lawsuits and more settlements be far behind?
- Previously: BofA slips amid leak of massive global mortgage settlement
at CNBC.com (Nov 19, 2014)