BofA Unit To Pay $9.8M In SEC Settlement

Law360, New York (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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.