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

Violations Alleged

Securities Act
• Sec 5
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 25-Nov-2014
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

comp-pr2013-148 06-Aug-2013 Complaint
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."
LR-22772 07-Aug-2013 Litigation Release
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."
court_doc50_13-cv-00447 25-Nov-2014 Court Docket Document
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 ordered: "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 Authorizing Disbursement
The Court ordered: "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:

Banc of America Mortgage Securities, Inc
Merrill Lynch, Pierce, Fenner & Smith, Inc.