Bank of America lawyers in spotlight

Bank of America's (BAC) line on why it acted the way it did during the Merrill Lynch merger seemed to be airtight not so long ago. It's stance was that it relied on the advice of its attorneys, and any communications was therefore protected. But the outside world started chipping away at that line, which now seems to have fallen apart.

Breakingviews notes that the bank was represented by Wachtell, Lipton, Rosen & Katz on the deal. It is represented by Cleary, Gottlieb, Steen & Hamilton when it comes to the investigation by Andrew Cuomo. They will of course face some scrutiny, and the kitchen could get hot.

There is also a chance that some lawyers could be called to testify in the trial that still seems to be on track. It seems like Judge Jed Rakoff at least wants to get to the very bottom--that is, find out who was responsible for misleading shareholders. It's not inconceivable that clients and attorneys will turn on each other.

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