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Bank of America Fined $33 Million In Fines For Merrill Disclosure

By Mark H. Astarita, Esq.

Bank of America agreed to pay $33 million on Monday to settle federal charges that it hid from investors plans to pay billions of dollars in bonuses to employees of Merrill Lynch.The SEC accused the firm of misleading shareholders when the bank asked them to approve the deal, which was ultimately concluded under intense federal pressure as Merrill Lynch teetered on the verge of collapse. The SEC's press release announcing the charges is available at SEC Charges Bank of America for Failing to Disclose Merrill Lynch Bonus Payments, and a copy of the underlying complaint is available at SECLaw.com. More>>>

Full post as published by SECLaw.com on August 04, 2009 (boomark / email).