A judge declined to consider Merrill bonus information as trade secret

New York State Supreme Court Justice Bernard Fried ruled on Wednesday that the names of highest bonus earners at Merrill Lynch & Co last year are not a trade secret and can be made public in an investigation by New York Attorney General, as reported by Reuters.

"The record does not support the intervenors' claim that the employee compensation information is a trade secret," the judge wrote in the ruling.

Andrew Cuomo, NY Attorney General, has been trying to squeeze out of BofA management the details on the billions of dollars paid to executives at banks given U.S. government bailout money, including $3.6 billion at Merrill, which was bought by Bank of America on January 1. BofA’s Kenneth Lewis and former Merrill Chief Executive John Thain failed to provide any significant information while a lawyer for Merrill and Bank of America told the judge that the names were a trade secret and should not be made public in court arguments on March 13. BofA asked the court to modify the subpoena, but the judge ruled against it.

Calling the outcome "a victory for taxpayers" Cuomo took the case as a precedent and called upon AIG to conform with his subpoena for bonus details.

"Bank of America chose litigation over transparency and we are gratified that this tactic has failed," Cuomo said in a statement. "AIG should take heed and immediately turn over the list of bonus recipients we have subpoenaed."

He said the deadline for responding was Thursday.