Compliance September 10, 2009

BofA Fires Back at Cuomo

Bank of America Corp. (BofA) said New York Attorney General Andrew Cuomo wrongfully claimed that the bank is blocking information, according to news reports.

Reported by

Cuomo’s office sent a letter Monday charging that BofA was not cooperating in providing information as part of an ongoing investigation into possible disclosure violations during the bank’s acquisition of Merrill Lynch. Cuomo requested more information by next week (see “NYAG Back to Hounding BofA”).

In a written response yesterday to Cuomo’s letter, BofA said the allegations were “spurious and false,” Reuters reported. The bank said it produced hundreds of thousands of documents responding to the attorney’s request for information. BofA also rejected Cuomo’s claims that the bank misused attorney-client privilege claims.

“Because Bank of America did not violate the law, it has not offered reliance on legal advice as a defense,” the letter said, according to the news report. “No one has sought to take unfair advantage of the assertion of the privilege by hiding information from your Office or anyone else.”

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Deals & People September 10, 2009

Reliance Trust Establishes Wealth Management Venture in N.C.

Atlanta-based Reliance Trust Company said it has partnered with local business leaders in Wilmington, North Carolina, to form a wealth management firm providing retirement services.

Reported by

Reliance Asset Advisors, LLC, will serve the trust, wealth management, and financial service needs of the Greater Wilmington area. Services will include investment management services; local trust services and administration; financial planning services; and retirement services, including 401(k) rollover and IRA services.

The Wilmington partners include Harold W. Wells, III, and Mort Neblett.

“We believe that markets such as Wilmington are currently underserved and present a great opportunity for Reliance, which is big enough to provide all the needed products and services and small enough to provide the kind of personal service that clients want and demand,” said Anthony Guthrie, president of Reliance Trust. “In addition, we have found tremendous local business partners who desire a more personalized approach to delivering financial services who share our belief in the future of Wilmington.”

The office is located in downtown Wilmington at Three North Third Street in the Wells Insurance building.

More information is available at www.relico.com .

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