BofA To Pay $33M To Settle SEC Suit Over Bonuses

Law360, New York (August 3, 2009, 2:54 PM EDT) -- Bank of America Corp. has agreed to pay a $33 million penalty to resolve a new set of allegations from the U.S. Securities and Exchange Commission that it misled investors about billions of dollars in bonuses handed out to Merrill Lynch & Co. employees before the banks' merger.

The SEC lodged a complaint against Bank of America on Monday in the U.S. District Court for the Southern District of New York and said in a statement that the bank had agreed to pay the fine without...
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