BofA Attacks SEC Claims Over Merrill Bonuses

By Shannon Henson

Law360, New York (September 25, 2009, 5:57 PM ET) -- Bank of America Corp. has fired back against allegations made by the U.S. Securities and Exchange Commission that it lied to shareholders about bonuses authorized for Merrill Lynch & Co. Inc. executives as part of the companies' merger.

In an answer to the complaint filed Friday in the U.S. District Court for the Southern District of New York, BofA said that it disclosed that Merrill was continuing to accrue compensation and benefits expenses in 2008 at a rate similar to 2007.

Numerous media outlets also reported...
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