Cuomo Subpoenas BoA’s Lewis

New York State Attorney General Andrew Cuomo subpoenaed Kenneth Lewis, chairman and CEO of Bank of America (BoA), Thursday, according to published reports.

The subpoena was issued in relation to Cuomo’s investigation of the deal between Bank of America and Merrill Lynch. Cuomo is investigating whether the bank broke the law by not telling shareholders and the boards about substantial Merrill Lynch losses before they were asked to approve the deal, Reuters reported.

Cuomo is also investigating the large bonuses paid out to Merrill executives. Earlier this month, Cuomo sent a letter to U.S. House Financial Services Chairman Barney Frank detailing the bonuses (see “Probe of Merrill Bonuses Continues“).

Also on Thursday, reports say, former Merrill Lynch CEO John Thain testified to the attorney general’s office about the bonuses paid out to Merrill Lynch executives late last year. Thain was issued a subpoena in January by Cuomo (see “Thain Receives Subpoena in Merrill Bonuses Probe’).

The attorney general of North Carolina is also looking into the bonuses paid at Merrill Lynch and is seeking justification for the bonuses being paid to executives at the Charlotte-based BoA (see “North Carolina AG Seeks Information about BoA Bonuses“).