Bank of America
shareholder unhappy with its recent merger with
is agitating against CEO Ken Lewis, according to a Monday report by the
New York Post
Jerry Finger, who owns 1.5 million shares of BofA and is leading a class-action lawsuit against Lewis and other BofA directors, is gathering allies in his efforts against Lewis, according to the report. Finger wants to split Lewis' role as CEO and chairman and institute changes in governance.
Finger also indicated to the
that he had a desire to replace Lewis, and that he had support from institutional investors. BofA declined to comment to the paper.
The investor filed a class-action lawsuit against Lewis and former
CEO John Thain on Jan. 22, saying that the merger between the two companies was counter to shareholder interests.
has been taking heat since it was revealed that Merrill, which it acquired Jan. 1, had lost $15.31 billion in the fourth quarter. Partly because of the purchase of Merrill's troubled securities portfolio, BofA had to secure $20 billion in government bailout money, on top of the $25 billion it and Merrill had received from the federal government's Troubled Asset Relief Program, or TARP, in October.
In addition to the combined BofA-Merrill,
all received $25 billion preferred equity investments in that initial round. Only Citi and BofA returned for second helpings.
BofA shares closed down 8.8% at $6 Monday.