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Non-Tech : Bank of America
BAC 55.88+1.1%Dec 22 4:00 PM EST
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To: Qualified Opinion who wrote (3694)7/18/2012 12:34:07 PM
From: TimF  Read Replies (1) of 4366
 
Liabilities from fraud are no exception to the general principle that the acquirer assumes liabilities.

If the fraud was fraud by someone other than the acquirer, then the liabilities might be unenforceable in courts or the company might be able to sue to recover the cost, but even here they just can't be ignored, you would have a legal process.

If the fraud was on the part of the acquired company, well the acquirer just agreed to assume it when they bought the company. That might not be an absolute universal, but its the normal way things work.
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