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Bank of America, Ex-Execs Indicted on Civil Fraud Charges

HeadlineFeb 05, 2010

Bank of America and two of its former executives have been indicted over allegations of lying to investors about bonus payouts and the 2008 acquisition of investment bank Merrill Lynch. On Thursday, federal and state regulators filed civil fraud charges against Bank of America, as well as former chief executive officer Ken Lewis and chief financial officer Joseph Price. The bank is also accused of misleading government officials by threatening to abandon the Merrill Lynch deal without billions of additional bailout money. The move marked the broadest legal action to date against a leading bank involved in the nation’s financial crisis. Bank of America has already settled some of the charges with a $150 million fine.

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