New York Attorney General Andrew Cuomo subpoenaed fiveCorp. board members to testify under oath as part of his investigation into the bank’s purchase of Merrill Lynch & Co., according to a person familiar with the investigation.
Mr. Cuomo is seeking to discover whether Bank of America directors withheld information from shareholders.
The five subpoenaed directors were members of the audit committee in late 2008, at the time of the Merrill purchase, according to another person familiar with the situation. Mr. Cuomo subpoenaed current Chairman Walter Massey and retired U.S. Army General Tommy Franks, as well as Thomas May, John Collins and Bill Barnet, who all joined after Bank of America bought FleetBoston Financial Group in 2004.
According to the article, Cuomo plans to subpoena all 15 of BofA’s directors as of last December, when the merger was approved by shareholders.