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Post by bot on Apr 26, 2014 1:28:19 GMT -5
NEW YORK (MarketWatch) -- Former Bank of America Corp. Chief Financial Officer Joe L. Price has reached a settlement of $7.5 million with New York's Attorney General Eric Schneiderman over allegations of withholding material information, according to media reports on Friday. The bank's management, including the CFO, was accused of not disclosing more than $9 billion in losses related to its merger with Merrill Lynch in 2008, before a shareholder vote on the acquisition. Under the agreement, Price will not be allowed to serve as an officer or director of a public company for 18 months. Former CEO Kenneth Lewis agreed to settle for $10 million and a three-year ban from serving as a director, in a recent settlement with the attorney general's office. "This settlement is one more step in our effort to hold top financial executives accountable for their actions," Schneiderman said in a statement.
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