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Wednesday May 11, 09:27
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Merrill deliberating on legal fees payment
(by Dr.Goldfinger)
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Merrill Lynch & Co. is still hesitating whether it will pay legal fees for four of its executives that steered the company to the scandal.
Merrill’s investment-banking chief, Daniel Bayly, as well as three other executives, were convinced of corporate fraud in a federal court in Houston last fall in connection with the so-called Nigerian barge transaction.
Mr. Bayly was sentenced to 30 months in prison in April; another former Merrill official, James Brown, got 46 months. The other two, Robert Furst and William Fuhs, face sentencing on Thursday.
Merrill Lynch’s board is still in progress of making decision over the issue with the former executives as to whether the company should pay legal fees for the sentenced.
"If you are convicted of crime and it damaged the company, the company shouldn’t pay your legal expenses," said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware.
So the questions remains open as far as the four executives are appealing.
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