Deals
Lewis, BofA Reach $25 Million Pact With N.Y. Over Merrill
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Former Bank of America Corp. Chairman Kenneth Lewis agreed to a three-year ban on serving as a public company’s officer or director and to pay $10 million to settle claims by New York’s attorney general that he misled investors about the bank’s 2009 purchase of Merrill Lynch & Co.
Under the agreement, announced yesterday by Attorney General Eric Schneiderman, the bank will pay $15 million to resolve claims against it. The bank, the second largest in the U.S., agreed to corporate governance reforms as part of the settlement.