Defendant Name: Bank of America Corporation

Defendant Type: Public Company
SIC Code: 6211
CUSIP: 06050510

Initial Case Details

Legal Case Name In the Matter of Bank of America Corporation
First Document Date 21-Aug-2014
Initial Filing Format Administrative Action
File Number 3-16028
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
Rule 12b-20
Sec 13(a)
Rule 13a-13


First Resolution Date 21-Aug-2014
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-72888 21-Aug-2014 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Cease-and-Desist Order and Civil Penalty
On August 21, 2014, SEC instituted cease-and-desist proceedings against Bank of America Corporation, alleging its "failure to make required disclosures in the MD&A section of periodic filings," by not disclosing the in its Forms 10-Q for the second and third quarters of 2009 the "known uncertainties as to weather future costs related to loans it would ultimately be required to repurchase from the monolines would have a material effect on its future income form continuing operations."
2014-172 21-Aug-2014 Press Release--Administrative Proceeding
Bank of America Admits Disclosure Failures to Settle SEC Charges; Bank Also Resolves Separate SEC Case in $245 Million Settlement
On August 21, 2014, the SEC announced a settlement in which Bank of America Corporation admits that it failed to inform investors during the financial crisis about known uncertainties to future income from its exposure to repurchase claims on mortgage loans. Specifically, Bank of America did not disclose known uncertainties regarding potential increased costs related to mortgage loan repurchase claims stemming from more than $2 trillion in residential mortgage sales from 2004 through the first half of 2008 by the bank and certain companies it acquired. According to the SEC's order instituting a settled administrative proceeding, Bank of America agreed to pay a $20 million penalty and cease and desist from causing any violations and any future violations of Section 13(a) of the Securities Exchange Act of 1934 and Rules 12b-20 and 13a-13.