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Merrill Bonus Dispute May Be Decided Within a Week, Judge Says

Karen Freifeld Bloomberg 03/13/2009 21:58
Merrill Bonus Dispute May Be Decided Within a Week, Judge Says - Merrill - bonus


Bank of America Corp.’s effort to keep confidential the names of Merrill Lynch & Co. employees who received $3.6 billion in bonuses in December may be resolved within a week, said a New York judge.



New York Attorney General Andrew Cuomo has sought the names of individual bonus recipients for his probe of the payments, which were granted before the company was acquired by Bank of America on Jan. 1. Merrill posted a $15.8 billion loss in the fourth quarter. Cuomo claims he has discretion over whether the data should remain confidential.

New York state Supreme Court Justice Bernard Fried is considering whether Cuomo can make public testimony about top bonus recipients that may have been provided to Cuomo’s office last month by former Merrill Lynch Chief Executive Officer John Thain.

Fried also is considering whether to order Cuomo to keep confidential a list identifying Merrill’s top bonus recipients, which Cuomo requested by subpoena. Bank of America hasn’t yet complied with the subpoena.


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