Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, March 11, 2009

Cuomo Says Merrill Misled Congress about Bonuses

The Wall St. Journal reports that the New York State Attorney General accuses Merrill Lynch of "misleading" Congress about the timing of the company's decision to pay $3.6 billion in bonuses.  In a court filing, the AG includes a Nov. 24, 2008 statement from a Merrill Lynch attorney to Rep. Henry Waxman that decisions had not yet been made about 2008 bonuses, yet, according to the AG, the compensation committee had two weeks earlier decided to accelerate the payment of 2008 bonuses.  WSJ, Cuomo Says Merrill Misled Congress.

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