NYC Foreclosure Proposal To Hit Citi, BofA Ballots

Law360, New York (March 23, 2011, 6:49 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday greenlighted for a vote a proposal from New York City's pension funds requiring Bank of America Corp. and Citigroup Inc. to investigate their foreclosure practices.

“An independent examination of bank foreclosure practices is needed to reassure shareholders and protect pensioners and taxpayers,” New York City Comptroller John C. Liu said in a statement announcing the decision.

The shareholder proposal Liu put forward in November would force Bank of America and Citigroup to review potential financial incentives at the...
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