| Courtroom View Network to Webcast Audio of John Thain Hearing |
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| Written by Jeremy Hill | |
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Taking Place Friday, March 13th Courtroom View Network, the nation’s pre-eminent Webcaster of high-stakes legal proceedings, announced today that it has been granted permission to provide an audio feed of the proceedings involving former Merrill Lynch chief executive John Thain. The initial audio feed will be of the initial hearing that is taking place in New York Supreme Court in Manhattan on Friday, March 13th. It will be available on www.courtroomview.com. “Judges in New York plainly have the discretion to decide for themselves whether to permit audio coverage of trials and we are pleased that Judge Fried has decided to exercise that discretion in favor of transparency and openness,” said Jonathan Sherman of Washington, D.C.’s Boies, Schiller & Flexner, who acted as counsel to Courtroom View Network. The hearing concerns Thain’s refusal to discuss bonuses given to individual Merrill employees. Merrill Lynch was bought by Bank of America, and Thain has said he is fearful of litigation from Bank of America if he discusses the awards. The $3.6 billion in bonuses were paid just days before Bank of America bought Merrill. The bonuses are being probed by both New York State Attorney General Andrew Cuomo and Rep. Barney Frank (D-Mass.), chair of the House Financial Services Committee. On Monday, Cuomo and Frank sent a letter to Bank of America demanding that the individual bonuses be made public. Bank of America has received $45 billion as part of the government's bank investment program. As a recipient of the funds, Cuomo and Frank assert taxpayers are entitled to know how their money was spent. Bank of America has been adamant that the individual bonuses remain confidential. Friday’s hearing, before New York State Supreme Court Judge Bernard Fried, may settle the issue. Thain himself made headlines earlier year when it was disclosed he had spent $1.2 million re-decorating his office, including spending $87,000 for a rug. Courtroom View Network, www.courtroomview.com, has pioneered the webcasting of high-stakes civil litigation for the past five years. Courtroom View Network has covered hundreds of legal proceedings throughout the United States. Courtroom View Network’s target audience are members of the legal and financial community who require instant, comprehensive coverage of litigation that affects their business. All proceedings are shown in full, without commercials or commentary. |
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