BofA Agrees to Give More Details on Merrill

WASHINGTON/NEW YORK (Reuters) - Bank of America Corp agreed to give federal authorities more information about why it refrained from disclosing details about Merrill Lynch's performance before it bought the investment bank, U.S. regulators said on Tuesday.
The pact, still subject to court approval, would allow the U.S. Securities and Exchange Commission to look at details on the bank's failure to disclose information to shareholders about Merrill's $15.8 billion fourth-quarter losses and about bonuses paid to the investment bank's employees.
Bank of America's board voted on Friday to waive its attorney-client privilege that protects the names of those who made decisions on the Merrill merger, according to sources familiar with the matter.

Congressional investigators as well as the New York Attorney General Andrew Cuomo will have access to the protected information, according to a letter the bank sent to Cuomo's office on Monday.

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