Defendant Name:
Bank of America, N.A.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Bank of America Corporation
SIC Code:
6021
CUSIP:
06050510
Initial Case Details
Legal Case Name
SEC v. Bank of America, N.A., Banc of America Mortgage Securities, Inc., and Merrill Lynch, Fenner, Pierce & Smith LLC
First Document Date
06-Aug-2013
Initial Filing Format
Civil Proceeding
Case Number
13-cv-00447
Allegation Type
Securities Offering
Federal District Court
North Carolina, Western District of North Carolina
Resolutions
First Resolution Date
25-Nov-2014
Headline Total Penalty and Disgorgement
$225,060,000
Related Documents:
Complaint
On August 6, 2013, the SEC filed a complaint alleging: "violations of the federal securities laws by Bank of America, N.A. ("BANA"), its wholly owned subsidiary Banc of America Mortgage Securities, Inc. ("BOAMS") and its affiliate, then the Banc of America Securities LLC ("BAS"), now Merrill Lynch, Pierce, Fenner & Smith, Inc. (collectively, the "Bank of America Entities" or "Defendants")". Accordingly, Banc of America Entities "misrepresented and omitted certain material facts regarding an RMBS, backed by more than $855 million of residential mortgages, known as BOAMS 2008-A that was offered and sold in 2008."
2013-148
06-Aug-2013
Press Release--Civil Action
SEC Charges Bank of America With Fraud in RMBS Offering
On August 6, 2013, the SEC announced that it "charged Bank of America and two subsidiaries with defrauding investors in an offering of residential mortgage-backed securities (RMBS) by failing to disclose key risks and misrepresenting facts about the underlying mortgages."
SEC Charges Bank of America Entities with Material Misrepresentations and Omissions in Connection with an RMBS Offering
On August 7, 2013, the SEC issued a litigation release announcing that it "filed a civil injunctive action against Bank of America, N.A. ("BANA"), Banc of America Mortgage Securities, Inc. ("BOAMS"), and Merrill Lynch, Pierce, Fenner & Smith, Inc. f/k/a Banc of America Securities LLC ("BAS") (collectively the "Bank of America Entities"). The Commission alleges that the Bank of America Entities made material misrepresentations and omissions in connection with the sale of residential mortgage-backed securities known as BOAMS 2008A."
Final Judgment as to Bank of America, N.A.
On November 25, 2014, Judge Max O. Cogburn, Jr. entered Final Judgment as to defendant Bank of America, N.A. Bank of America, N.A. consented to the entry of the Final Judgment without admitting or denying the allegations of the SEC's complaint.
court_doc59_13-cv-00447
03-Jul-2018
Court Docket Document
Order Approving Plan Of Distribution For Bank Of America Mortgage Obligations Distribution Fund
The Court stated: "The Plan is approved and the Distribution Fund shall be distributed in accordance with the Plan"
court_doc69_13-cv-00447
02-Jul-2020
Court Docket Document
Order
The Court stated: "the Distribution Agent shall disburse the Net Available Distribution Fund in the amount of $119,758,536.86 to the six Eligible Claimants in accordance with the terms of the Distribution Plan and the motions"
Other Defendants in Action:
