1. What duties did corporate officials (the board of directors and executive officers) from Bank of America owe to their shareholders in the acquisition of Merrill Lynch. Please be sure to evaluate these duties at each stage in the proceedings from preliminary negotiations until the deal was completed. Please include in your analysis the decision to accept T.A.R.P funds. Did these officials adequately fulfill these duties?

2. What safeguards does the law provide for shareholders in evaluating and challenging the decision making of corporate officials? How well did these safeguards work in this situation?

3. Should corporate officials be protected from liability by the business judgment rule if shareholders file a lawsuit?