By Cydney Posner

The Washington Post is reporting that, following Judge Rakoff's rebuke of the SEC in the Bank of America/Merrill Lynch case, the SEC said Monday that it will broaden its investigation into alleged wrongdoing at Bank of America, including the use of additional discovery, and may seek additional charges as it prepares for a trial against the bank. New York Attorney General Andrew M. Cuomo and congressional investigators are also conducting investigations. The article also notes that the SEC has taken the position that in a judicial proceeding, unlike an investigation, companies can be required to waive the attorney-client privilege, which could result in more disclosure about who did what in preparing the infamous proxy statement.

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