Administration February 23, 2009

NY AG Moves to Force Former Merrill CEO to Discuss Employee Bonuses

February 23, 2009 (PLANSPONSOR.com) - New York state's attorney general filed a court motion on Monday to force former Merrill Lynch CEO John Thain to discuss $4 billion in employee bonuses, Reuters reports.
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The office of New York Attorney General Andrew Cuomo alleged that Thain said Bank of America told him not to discuss the bonuses. Thain was ousted from Bank of America Corp in January just three weeks after the companies merged (see Thain to Leave Bank of America ).

Less than a week after stepping down, Thain was subpoenaed in an investigation of bonuses paid to Merrill Lynch employees (see Thain Receives Subpoena in Merrill Bonuses Probe ).

Cuomo’s office alleged in the filing with New York State Supreme Court that Bank of America was “obstructing and interfering” with the state’s probe into bonuses, according to Reuters.

Cuomo last week subpoenaed Bank of America Chairman and Chief Executive Kenneth Lewis, the news report said.

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