BofA Fined $33 Million for Misleading InvestorsDean Foust
The Securities & Exchange Commission sued Bank of America (BAC) on Aug. 3 for not having informed investors about bonuses the government said the nation's largest bank agreed to pay to Merrill Lynch executives as part of the bank's $50 billion acquisition of Merrill last January. While the SEC said that Bank of America had agreed to settle the charges and pay a fine of $33 million, the government's action gives new ammunition to dissident investors and some Obama Administration officials in their campaign to force out Bank of America's chief executive, Kenneth Lewis.
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