February 04, 2010 11:55 AM Eastern Standard Time

NEW YORK—( BUSINESS WIRE )—In response to the lawsuit filed today by Andrew Cuomo, currently New Yorks Attorney General, against Bank of America, Kenneth D. Lewis, former CEO, and another BofA executive, the following statement was issued by Mary Jo White of Debevoise & Plimpton LLP, who is representing Mr. Lewis.

The decision by Mr. Cuomo to sue Bank of America, Mr. Lewis and other executives in connection with BofA’s acquisition of Merrill Lynch is a badly misguided decision without support in the facts or the law. As the SEC correctly concluded recently based on the very same evidence,* there simply is no basis for any case against Mr. Lewis or any other individual.

There is not a shred of objective evidence to support the allegations by the Attorney General. Mr. Lewis and other BofA employees acted in good faith in the Merrill Lynch transaction, following the expert legal advice of counsel and in the best interests of BofA shareholders. The Merrill Lynch transaction — undertaken at a time of significant danger to our financial system — has also proven to be an unmitigated success for BofA shareholders. Mr. Lewis has been unfairly vilified by the political search for accountability for the financial meltdown.** This suit is not fair, it is without factual or legal basis, and we look forward to prevailing in a court where the facts and law do matter.

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*In Litigation Release No. 21371 filed by the U.S. Securities and Exchange Commission (SEC) on January 11, 2010, the SEC noted the following: According to the SEC’s proposed complaint, Bank of America executives at various times discussed the firm’s disclosure obligations with internal and external counsel. These executives are not alleged to have deliberately concealed information from counsel or otherwise acted with scienter or intent to mislead. Nor is any counsel alleged to have acted with scienter or intent to mislead. For these reasons, the SEC’s proposed complaint does not seek charges against any individual officers, directors or attorneys. SEC staff has advised the Commission that, after a careful assessment of the evidence and all of the relevant circumstances, it has determined that charges against individuals for their roles in connection with proxy disclosure are not appropriate.

** On December 9, 2009, while Mr. Lewis was still CEO and President of Bank of America, the Company sent the U.S. Treasury $45 billion, including accrued dividends, to repay the U.S. taxpayers’ entire investment in the company as part of the Troubled Asset Relief Program (TARP).