Ex-BofA CFO settles charges over Merrill purchase

|About: Bank of America Corporation (BAC)|By:, SA News Editor

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