Cuomo sues Bank of America as it settles with S.E.C.

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Bank of America settled a regulatory complaint with the Securities and Exchange Commission on Thursday even as the New York’s Attorney General accused the bank, its former chief executive and chief financial officer of securities fraud.

In a lawsuit filed on Thursday, the attorney general, Andrew M. Cuomo, claimed the bank and the two officers — Kenneth D. Lewis, the chief executive, and Joe L. Price, the chief financial officer — misled shareholders and the government about the merger with Merrill Lynch.

Both executives have stepped from the posts, though Mr. Price remains at the bank.

Full story: Cuomo Sues Bank of America as It Settles With S.E.C. –