As per a media report revealed Monday, documents containing details regarding legal advice which  Bank of America Corp. received during its purchase of Merrill Lynch & Co. would be handed over by it, after many months of continuous efforts by regulators and others to make such information public. 

The gesture was made by the Bank of America as a part of a new legal approach planned to cover the way to a settlement of various investigations.

Apart from this, the move also aims at easing external pressure on the bank as it looks to restore stability in the middle of the expected departure of Chief Executive Kenneth Lewis at the end of this year. 

The report said, "New York Attorney General Andrew Cuomo and regulators have repeatedly asked Bank of America to divulge information about the legal advice it received concerning the Merrill purchase, though the firm steadfastly refused." 

It added that on Monday, Bank of America told Cuomo's office that it has slashed a privilege keeping related discussions with attorneys private
With this decision, a trove of new documents should appear for federal, state and Congressional officials looking into Bank of America's purchase of Merrill Lynch.

Bank of America has claimed from long that it adhered to legal advice in determining on what to reveal to shareholders regarding the Merrill deal. This also includes the enormous bonuses that it had purportedly authorized Merrill Lynch to pay its executives as the merger drew to a close.

A jury trial, planned for March, was requested by Bank of America last week with the aim to talk to Securities & Exchange Commission allegations that it didn't properly inform investors about its role in authorizing the Merrill bonuses.