BofA Unit To Pay $9.8M In SEC Settlement

Law360 (May 1, 2008, 12:00 AM EDT) -- The brokerage unit of Bank of America NA has agreed to a multimillion-dollar settlement with the U.S. Securities and Exchange Commission over allegations it failed to disclose its affiliated mutual funds to investors.

Bank of America Investment Services Inc., along with investment advisory firm Columbia Management Advisors LLC, will pay almost $9.8 million to resolve the claims, the SEC announced Thursday. The settlement includes more than $5.4 million in disgorgements, $3 million in penalties and $1.3 million in prejudgment interest.

The commission alleged that BAIS, which...
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