Andrew Cuomo Subpoenas Five Bank Of America Directors

In a developing story reported by the AP, Cuomo has allegedly subpoenaed five relevant Bank Of America directors who had presumably been briefed on actions taken by the bank in its Merrill merger prior to the public disclosure, and is seeking their sworn testimony.

NEW YORK (AP) -- The New York Attorney General's office has subpoenaed five members of Bank of America's directors as part of an investigation into the bank's acquisition of Merrill Lynch, according to a personal familiar with the investigation.

The board members are expected to be questioned about what they knew regarding the mounting losses and bonus payments at Merrill ahead of the deal's completion on Jan. 1, the person said, who asked for anonymity because the investigation is ongoing.

Attorney General Andrew Cuomo's office is also likely to ask the board members about any threats made by federal regulators to remove the board if the deal wasn't completed.

Cuomo's office is preparing to file charges in the coming weeks against several high-ranking executives at the bank as part of the investigation.