Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America    BAC

BANK OF AMERICA

(BAC)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Bank of America Corp : Exclusive: NY AG won't ask Bank of America for damages but Merrill case goes on

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/17/2014 | 07:35pm EDT
New York Attorney General Schneiderman talks about MLB's policies during a news conference in New York

NEW YORK (Reuters) - New York Attorney General Eric Schneiderman has abandoned his effort to obtain damages from Bank of America Corp over its purchase of Merrill Lynch & Co, but plans to press on with the case, his lawyers said in court on Friday.

Schneiderman will seek to bar the bank's former chief executive, Kenneth Lewis, and former chief financial officer, Joe Price, from the securities industry and from serving on boards of public companies, according to his office. It was not clear what sanctions he would seek from the bank.

The 2010 lawsuit filed in New York state court by Schneiderman's predecessor, Andrew Cuomo, accused Bank of America of misleading shareholders about Merrill's losses and bonus largesse prior to a December 2008 vote on the merger.

Merrill posted a $15.84 billion loss in the fourth quarter of that year, even as it paid out $3.62 billion in bonuses. The merger closed in January 2009.

Last April, a federal judge approved a $2.43 billion class-action settlement on behalf of shareholders.

Under a 2008 decision by New York state's highest court, Schneiderman cannot recover damages on behalf of investors who have already settled.

"We're not seeking damages in this case," Philip Barber, a lawyer for Schneiderman, said at a status conference on Friday. "It has been a number of years and we're trying to move this to conclusion."

He said the office would seek a judgment against the defendants, but did not specify what it should contain. Lawyers for the bank and the executives said they would try to have the case dismissed before trial.

Schneiderman, who became state attorney general in 2011, was criticized this week by people close to Cuomo for failing to get the case completed before the class action settlement.

Schneiderman's office told Reuters on Friday the $2.43 billion settlement in the class action had provided "great relief" to the investors, and that the private settlement used evidence gathered by the office.

The New York Times this week reported a deteriorating relationship between Schneiderman and Cuomo, and noted a battle over $613 million New York received as part of JPMorgan Chase & Co's $13 billion settlement with U.S. authorities over mortgage-backed securities.

A Schneiderman spokesman declined to comment on the relationship on Friday. A Cuomo spokesman did not return a call for comment.

Lawrence Grayson, a spokesman for Bank of America, declined to comment on New York's pursuit of the case. A lawyer for Lewis declined comment, and a lawyer for Price did not immediately respond to a request for comment.

The case is People v Bank of America Corp, New York State Supreme Court, New York County, 450115/2010.

(Reporting By Karen Freifeld.; Additional reporting by Jonathan Stempel in New York. Editing by Andre Grenon)

By Karen Freifeld

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BANK OF AMERICA
09/20BANK OF AMERICA : Form of prospectus filed in connection with primary offering o..
PU
09/20BANK OF AMERICA : Employers Offering Financial Wellness Programs Double in Recen..
AQ
09/20BAML - Equity funds suck in £15 billion amid cautious return of risk appetite
RE
09/19Microsoft Plans Board Changes -- Update
DJ
09/19BANK OF AMERICA : Employers Offering Financial Wellness Programs Double in Recen..
BU
09/18Fed Injects More Money Into Markets After Banks Bid Heavily for Funds -- 5th ..
DJ
09/18Fed Injects More Money Into Markets After Banks Bid Heavily for Funds -- 4th ..
DJ
09/18BANK OF AMERICA : Form of prospectus filed in connection with primary offering o..
PU
09/18Fed Injects More Money Into Markets After Banks Bid Heavily for Funds -- 2nd ..
DJ
09/18Bud Brewer Tries Asian IPO Again -- WSJ
DJ
More news
Financials (USD)
Sales 2019 91 722 M
EBIT 2019 38 496 M
Net income 2019 26 589 M
Debt 2019 -
Yield 2019 2,24%
P/E ratio 2019 10,5x
P/E ratio 2020 9,73x
Capi. / Sales2019 3,00x
Capi. / Sales2020 3,00x
Capitalization 275 B
Chart BANK OF AMERICA
Duration : Period :
Bank of America Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BANK OF AMERICA
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 32,87  $
Last Close Price 29,59  $
Spread / Highest target 48,7%
Spread / Average Target 11,1%
Spread / Lowest Target -5,37%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant President-Global Product Solutions & CMO
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF AMERICA20.09%275 433
JP MORGAN CHASE & COMPANY22.29%380 125
INDUSTRIAL AND COMMERCIAL BANK OF CHINA3.97%268 706
WELLS FARGO & COMPANY5.53%214 269
CHINA CONSTRUCTION BANK CORPORATION10.68%192 674
CITIGROUP INC.33.21%156 666