Bank of America Said to Make New Pitch to SEC for Relief
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Bank of America Corp. is making new efforts to resolve a stalemate at the U.S. Securities and Exchange Commission that is holding up a final piece of the lender’s record $16.7 billion toxic-mortgage settlement, two people familiar with the matter said.
In a letter last week, the bank’s top lawyer Gary Lynch made a pitch to the agency’s commissioners to waive additional sanctions set to kick in when the settlement is entered in court, said the people, who asked not to be named because the entreaty was private. Lynch argued in part that the firm is being unfairly treated because other banks had been given waivers in similar cases.