BofA Will Turn Over Merrill Documents

Bank of America’s suspicious acquisition of Merrill Lynch, especially considering the financial state of the latter company during the buy and the timing of the federal bailout money given to Bank of America, has raised a lot of eyebrows in the financial world and sparked an investigation. After months of hesitation, Bank of America has greed to turn over related documents to federal investigators.

So far, Bank of America officials had refused to turn over the documents containing the legal advice that Bank of America received concerning its acquisition of Merrill Lynch, citing attorney-client privilege. However, people close to the situation have suggested that Bank of America’s move to disclose the information in the documents shows that the bank is trying to become more transparent.

The move came after Bank of America’s board of directors voted to waive attorney-client privilege, notifying New York Attorney General Andrew Cuomo of the change of heart. The documents include various forms of communication between the bank and its outside law firm, Wachtell, Lipton Rosen & Katz, as well as Merill Lynch’s communication between it and law firm Shearman & Sterling.

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