Bank of America settles for $137 million over municipal bond auction fixes

Bank of America settles for $137 million over municipal bond auction fixes

Bank of America Securities (BAS) has agreed to pay $137 million to US authorities to settle charges that allege it helped rig auctions of municipal bonds. The settlement will be split, with $36 million going to affected bodies in disgorgement and interest payments, while the remaining $101 million will be divided between other federal and state bodies that each carried out their own investigations. When investors purchase municipal securities, the municipalities behind them can then invest th