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BofA to disclose advice on Merrill

October 14, 2009|Times Wire Reports

Bank of America Corp., giving up a months-long fight with regulators, plans to turn over documents revealing legal advice it received on its purchase of Merrill Lynch & Co.

In a turnabout, the bank will waive attorney-client privilege that kept it from telling regulators about recommendations it received from outside attorneys over whether to disclose details to shareholders about Merrill's mounting troubles.

Bank of America spokesman Larry DiRita said, "Given the pressure in multiple inquiries to provide additional insight, we've decided to waive it in this matter to get the issue behind us."

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