BofA to Name DuPont Chairman to Board
CHARLOTTE, N.C. (
) --
Bank of America's
(BAC) - Get Report
board is expected to add
DuPont
(DD) - Get Report
Chairman Charles Holliday as a director at a meeting Monday at which the directors also will be briefed on options if CEO Kenneth Lewis is charged with civil fraud, the
Wall Street Journal
reports.
Holliday would be the bank's sixth new director since June; a total of 10 directors have stepped down from Bank of America's board this year as regulators review its operations.
BofA directors support Lewis and haven't been surprised by any of the
made by New York Attorney General Andrew Cuomo's office, said a person familiar with the matter, the
Journal
reports.
But the board, as part of a broader review, recently said it was working on a new
in case the bank needs to make a quick change at the top, the
Journal
notes.
Cuomo's office is weighing possible civil charges against Lewis and Bank of America Chief Financial Officer Joseph Price for not telling shareholders certain material information related to the bank's takeover of
Merrill Lynch
, the newspaper reports. Last week, Federal District Judge Jed Rakoff rejected a proposed $33 million
between BofA and the
Securities and Exchange Commission
that would have closed the book on the regulator's charge that BofA lied to shareholders about $5.8 billion worth of bonuses to be paid to executives at Merrill.
-- Reported by Joseph Woelfel in New York
.
Follow TheStreet.com on
and become a fan on
