Securities Law Prof Blog

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

Monday, February 23, 2009

New York AG Seeks More Information from Thain on ML Bonuses

The New York Attorney General's office asked a state judge to order former Merrill Lynch CEO John Thain to provide more information about those bonuses paid before Merrill's merger with Bank of America last year.   In a court filing, the AG's office said that at a deposition last week Thain refused to answer questions about the "determination and amount of individual bonus awards for all but five employees at Merrill Lynch."  Those five reportedly received no bonuses.  The AG has also subpoenaed BoA CEO Kenneth Lewis.  WSJ, Cuomo Seeks More Testimony From Thain.

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