AP Source: Cuomo preparing charges against BofA

NEW YORK (AP) — The New York Attorney General's office is preparing charges against several high-ranking Bank of America executives over the bank's alleged failure to disclose details about its acquisition of Merrill Lynch, according to a person familiar with the investigation.

Attorney General Andrew Cuomo's office is likely to file civil charges against the executives over their role in failing to alert shareholders to mounting losses as well as accelerated bonus payments at Merrill, said the person, who requested anonymity because no charges have been filed yet.

Separately, a federal judge on Monday rejected a $33 million settlement BofA reached with the Securities and Exchange Commission over disclosures tied to bonus payments at Merrill.

BofA agreed to acquire Merrill in a hurried deal a year ago at the height of the credit crisis.