BoA settles for $150m over Merrill bonuses

bank-of-america-charlotte

Charlotte, NC –  Bank of America (BoA) has agreed to pay a $150 million settlement to the Securities and Exchange Commission (SEC) to end the regulator’s legal challenge over its failure to disclose to investors bonuses due to be paid out by Merrill Lynch before BoA shareholders voted on closing the merger between the two banks in December 2008.

Having squeezed a settlement out of the Charlotte, NC-based bank, the SEC has extended its hold to include some strict governance requirements –

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