Law Office of Alicia Porter

As the economy worsens, and the bailouts continue, tax payers are understandably, asking for more transparency about where the money that has been provided to the banking institutions has gone.

As reported by Law.com, the case of People v. Thain has some interesting rulings within it. Specifically, Bank of America must disclose bonuses to staff that were paid by Merrill Lynch as part of the merger between the two organizations, as the organizations received billions of dollars of bailout funds from the federal government

In an interesting application of strategy, Bank of America has cited that information regarding the bonuses that were paid out was a trade secret. A New York court, however, ordered that this information must be conveyed to the New York Attorney General’s office.

Attached is the link to People v. Thain