Bank of America’s Merrill Lynch Deal: Public Hearing Set

A new date for a public hearing has been set by a congressional committee investigating Bank of America’s (NYSE:BAC) purchase of Merrill Lynch.

The hearing was originally said to be held last month, but was postponed to allow the committee to gather more information. The hearing is expected to be mainly on Bank of America’s $50 billion acquisition of troubled investment bank Merrill Lynch (NYSE:NMQ). Moynihan was the company’s chief legal counsel at the time the deal is expected to testify a long with Timothy J. Mayopoulos the former Bank of America chief counsel.

Bank of America has been accused of misleading shareholders about the acquisition by failing to disclose the extent of Merrill Lynch’s mounting losses, and the fact that Bank of America gave Merrill Lynch permission to issue as much as $5.8 billion in bonuses.

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