Former BofA CEO Ken Lewis Banned As Public Co. Officer

Former BofA CEO Ken Lewis Banned As Public Co. Officer

Via AFP:

Former Bank of America chief executive Kenneth Lewis was banned by New York Wednesday from serving as a public company official over the financial institution's costly takeover of Merrill Lynch.

Lewis was forbidden by the New York attorney general from acting as an officer or director of a public company for three years for pushing the takeover even as he knew Merrill faced losses of $9 billion, a fact not disclosed to Bank of America shareholders.

Lewis was ordered to pay New York $10 million, and Bank of America agreed to pay another $15 million in the case.

The settlement "represe...

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