Defendant Name: Banc of America Investment Services, Inc

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. Banc of America Securities LLC and Banc of America Investment Services, Inc.
First Document Date 03-Jun-2009
Initial Filing Format Civil Proceeding
Case Number 09-cv-05170
Allegation Type Broker Dealer
Federal District Court No District Court Specified

Violations Alleged

Exchange Act
• Sec 15(c)
Other
• Rule 15c1-2

Resolutions

First Resolution Date 08-Oct-2008

Related Documents:

2008-247 08-Oct-2008 Press Release--Civil Action
Bank of America Agrees in Principle to ARS Settlement
The SEC announced: "a preliminary settlement in principle with Banc of America Securities LLC and Banc of America Investment Services, Inc. (collectively, Bank of America) that would provide 5,500 individual investors, small businesses, and small charities the opportunity to sell back to Bank of America up to $4.7 billion in auction rate securities (ARS) they purchased before the ARS market collapsed in February 2008."
comp21066-boa 03-Jun-2009 Complaint
Complaint
According to the SEC: "This is a case in which Defendants misled thousands of customers regarding the fundamental nature and risks associated with auction rate securities ('ARS') that BOA underwrote, marketed, and sold."
LR-21066_09-cv-05170 03-Jun-2009 Litigation Release
SEC Finalises ARS Settlements With Bank of America, RBC and Deutsche Bank, Providing Over $6 Billion in Liquidity to Investors
The SEC "announced that it has filed complaints in the United States District Court for the Southern District of New York against Banc of America Securities LLC and Banc of America Investment Services, Inc. (collectively, Bank of America), RBC Capital Markets Corporation (RBC), and Deutsche Bank Securities Inc. (Deutsche Bank) alleging that the firms misled investors regarding the liquidity risks associated with auction rate securities (ARS) that they underwrote, marketed or sold."
2009-127_09-cv-05170 03-Jun-2009 Press Release--Civil Action
SEC Finalizes ARS Settlements With Bank of America, RBC, and Deutsche Bank
The SEC "announced finalized settlements with Bank of America, RBC Capital Markets, and Deutsche Bank to resolve SEC charges that the firms misled investors regarding the liquidity risks associated with auction rate securities (ARS) that they underwrote, marketed, or sold."
court_doc2_09-cv-05170 09-Jun-2009 Court Docket Document
Judgment as to Defendants Banc of America Securities LLC and Banc of America Investment Services, Inc.
On June 4, 2009, Federal District Judge Loretta A. Preska entered Final Judgment against Banc of America Securities LLC and Banc of America Investment Services, Inc., pursuant to the consent of the SEC and Banc of America Securities LLC and Banc of America Investment Services, Inc. Among other things, Judge Preska ordered that upon motion of the Commission, "the Court shall determine whether it is appropriate to order a civil penalty ... and if so, the amount of the civil penalty."
LR-21780 15-Dec-2010 Litigation Release
SEC Completes Review of Performance by Bank of America Under Auction Rate Securities Settlements
On December 15, 2010, the SEC issued a litigation release announcing that: "Bank of America ('BOA'), which previously settled the Commission's auction rate securities ('ARS') charges against it, has satisfied its obligation under its settlement and that BOA has returned more than $6.7 billion to its ARS customers."
court_doc13_09-cv-05170 15-Dec-2010 Court Docket Document
Notice that Plaintiff Will Not File a Motion for Civil Penalty
On December 15, 2010, the SEC informed the Court that the SEC will not file a motion for civil penalty.

Other Defendants in Action:

Banc of America Securities LLC