SEC Felt Pressure To Bring BofA Case: Report

Law360, New York (November 30, 2010, 7:51 PM EST) -- U.S. Securities and Exchange Commission investigators felt pressure to bring a case quickly against Bank of America Corp. in the wake of its acquisition of Merrill Lynch & Co. Inc., leading them to initially forgo pursuing allegations that Bank of America failed to disclose billions of dollars in losses, according to a new report.

Investigators limited their 2009 Bank of America enforcement action to allegations that the bank concealed authorizing $5.8 billion in bonus payouts, leading to a weak settlement agreement that was ultimately rejected by...
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