Published April 29, 2009 at 6:06 PM
Finger Interests Number One Ltd. is one of a handful of Bank of America Corp. (NYSE:BAC) shareholder groups that have filed suit over the acquisition of Merrill Lynch & Co. In this edition of Inside The Deal, partner Jonathan Finger says the BofA board, led by chief executive Ken Lewis, has destroyed shareholder value over the past five years. As a result, he's urging fellow shareholders to oust Lewis and two other directors at the bank's April 29 annual meeting. He also says BofA withheld information about Merrill Lynch losses prior to the shareholder vote on the deal in December. (For BofA's response to those charges, see the statement below.) See the video below or download it at iTunes. - Suzanne Stevens
Bank of America provided the following statement in response to Jonathan Finger's charges:
"The strategic and financial advantages of the Countrywide and Merrill Lynch acquisitions will soon be apparent. We believe our disclosures for the special shareholders meeting were appropriate and met all legal requirements. The vast majority of talent at Merrill Lynch is staying and synergies between Merrill Lynch and Bank of America platforms are already producing results."
For comments or suggestions about Deal Video, please contact
email@example.com. Use the following embed code to run this video on
your Web site: <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" width="437" height="370" id="viddler_7024a881"><param name="movie" value="http://www.viddler.com/player/7024a881/" /><param name="allowScriptAccess" value="always" /><param name="allowFullScreen" value="true" /><embed src="http://www.viddler.com/player/7024a881/" width="437" height="370" type="application/x-shockwave-flash" allowScriptAccess="always" allowFullScreen="true" name="viddler_7024a881"></embed></object>
In London, Morrison & Foerster LLP recruited corporate lawyer Graeme Sloan to be global co-chair of the firm s mergers and acquisitions practice. For other updates launch today's Movers & shakers slideshow.