NY slaps $7.5M fine against Ex-BofA CFO Price

Created: 04/25/2014 3:14 PM WHEC.com
By: Associated Press

Bank of America's former chief financial officer has reached a $7.5 million deal to settle allegations he helped mislead investors about the impact of a 2008 merger with Merrill Lynch.

The settlement, announced by New York Attorney General Eric Schneiderman and filed Friday in state court, also bars Joe L. Price from serving as an officer or director of any public company for 18 months.

BofA bought Merrill in September 2008 at the height of the financial crisis. BofA was seen as a savior of Merrill, which would have likely filed for bankruptcy. But by the time the deal was finalized in January 2009, Merrill's balance sheet had deteriorated and BofA needed government help.

Price admits no wrongdoing in the settlement. A call to his lawyer was not immediately returned.

News10NBC/WHEC-TV welcomes your opinion and interaction on our website, but please remember to keep it clean. If you're advertising for another business, being profane, vulgar or slanderous your post will be deleted. By commenting on this website, you agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Use. Comments are not pre-screened before they posted.


52° | 30°
  • Feels like: 20° F
  • Wind: WSW 6mph
  • Humidity: 81%
  • Sun Partly cloudy
    54° | 32°
  • Mon Occasional showers possible
    50° | 38°
  • Tue Mostly sunny
    56° | 38°
  • Wed Times of sun and clouds
    59° | 42°