NEW YORK — Bank of America will turn over to investigators legal documents related to its purchase of Merrill Lynch, reversing its previous stance that such information must be kept confidential under privacy rules, three sources familiar with the decision said Monday.
For months, the bank has resisted divulging advice it received from lawyers about the merger, citing attorney-client privilege. The board voted Friday to waive that privilege, the sources said.
BofA has been under investigation by various agencies over its acquisition of Merrill Lynch in a hurried deal backed by the federal government at the height of the financial crisis. The inquiries have focused on whether shareholders were misled about Merrill’s financial condition and billions of dollars in bonuses paid to Merrill executives shortly before shareholders voted to approve the merger.
