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Thain told to reveal Merrill bonus details
Bill Condie24.02.09
Former Merrill Lynch chief executive John Thain will today hand over names of staff who were paid $3.6 billion (£2.5 billion) in bonuses just before the firm merged with Bank of America.
In a victory for state Attorney General Andrew Cuomo, New York State Supreme Court Justice Bernard Fried ruled that Thain could testify.
Cuomo filed a case to compel Thain to give details about bonuses awarded to individuals other than Merrill's top five executives.
Thain, who already answered questions from Cuomo's office, would not identify individual bonus recipients, citing orders from Bank of America to keep such information confidential.
Judge Fried will also decide next month whether the names can be made public. The judge set a 13 March hearing on a Bank of America move to keep the names confidential.
"This is private information and it should remain private to protect the rights of the individuals and the competitive position of the company," a spokesman for Bank of America, said.
