NEW YORK--(BUSINESS WIRE)--Debevoise & Plimpton LLP today issued the following statement by Bruce E. Yannett, counsel to Mr. Kenneth D. (“Ken”) Lewis, 67, former Chairman and CEO of Bank of America, in connection with today’s disclosure by Bank of America of a settlement between Bank of America, Mr. Lewis and the office of the New York Attorney General.
Statement by Mr. Yannett
“In 2008, at the height of the financial crisis, when various financial institutions were under great stress and available information about financial conditions was changing by the day and hour, Bank of America acquired Merrill Lynch. The Merrill Lynch acquisition has since proven to be an unmitigated success for Bank of America and its stockholders. Mr. Lewis is proud of the role he played in helping the US banking system survive a very challenging period in its history.
Mr. Lewis consistently has made clear that the Bank relied on experienced legal counsel – both inside the Bank and at a prestigious law firm – with regard to what needed to be disclosed to shareholders. Mr. Lewis is pleased to put this matter behind him and to move on with his life.”