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Bank of America May Face More SEC Charges
SEC looks into bank’s inability to disclose to shareholders Merrill Lynch’s 2008 losses.
Additional claims are being considered against Bank of America by the Securities and Exchange Commission (SEC), Bloomberg reports. The commission is looking into the bank’s inability to disclose to shareholders Merrill Lynch’s losses in the fourth quarter of 2008.
BofA was sued by the SEC, which alleged the bank misled investors about bonus payments at Merrill Lynch at the time of its acquisition. BofA had agreed to pay $33 million to settle with the SEC, but the offer was rejected by a judge.
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