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Attorney General McCollum today sent a letter to Office of Financial Regulation (OFR) Commissioner Thomas Cardwell regarding the lawsuit filed against Bank of America by the New York Attorney General's Office. The Attorney General called on Commissioner Cardwell to report to the Governor and Cabinet tomorrow on any enforcement role that OFR should take against Bank of America over its acquisition of Merrill Lynch.

"I look forward to your explanation of OFR's perspective on Bank of America's acquisition of Merrill Lynch, including your description of your enforcement tools in relation to Bank of America, what remedies exist on behalf of Florida shareholders, and what you have done with your authority," wrote Attorney General McCollum.

The Attorney General noted that prior to the July 1, 2009 effective date of the Investor Protection Act, one of his top legislative priorities last session, OFR had sole authority to pursue securities fraud actions. The Attorney General also mentioned that the State Board of Administration is likely to a member of a class action lawsuit filed last September against Bank of America over allegations similar to those made by New York.

A copy of the letter is available online at: http://myfloridalegal.com/webfiles.nsf/WF/MRAY-82GQCR/$file/CardwellLetter.pdf

If you have any questions or need additional information, please call the Attorney General's Communications Office at 850.245.0150.