The Securities and Exchange Commission plans to pursue charges against Bank of America alleging that the bank misled shareholders last year while purchasing Merrill Lynch & Co..
From Adam O’Daniel, Boston Business Journal:
The Securities and Exchange Commission says it will “vigorously pursue” Bank of America Corp. in court with allegations that the bank misled shareholders when it prepared to purchase Merrill Lynch & Co. late last year.
The SEC and BofA reached a settlement on the charges last month that required the bank to pay a $33 million fine. But U.S. District Judge Jed Rakoff rejected the deal, saying the corporate fine would further punish shareholders, not the persons suspected of misleading investors.
