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Compliance February 23, 2009
Cuomo Files to Force Thain to Discuss Merrill Bonuses
New York's attorney general filed a court motion on Monday to force former Merrill Lynch CEO John Thain to discuss $4 billion in employee bonuses, according to a news report.
Reported by Rebecca Moore
The office of New York Attorney General Andrew Cuomo alleged that Thain said Bank of America told him not to discuss the bonuses, Reuters reported.
Thain was ousted from Bank of America Corp in January just three weeks after the companies merged (see “Thain to Leave Bank of America“). Thain was then subpoenaed in an investigation of bonuses paid to Merrill Lynch employees (see “Thain Receives Subpoena in Merrill Bonuses Probe“).
Cuomo’s office alleged in the filing with New York State Supreme Court that Bank of America was “obstructing and interfering” with the state’s probe into bonuses, according to Reuters.
Last week, Cuomo subpoenaed Bank of America Chairman and CEO Kenneth Lewis (see “Cuomo Subpoenas BoA’s Lewis“).