Defendant Name: Merrill Lynch, Pierce, Fenner & Smith Incorporated

Defendant Type: Subsidiary of Public Company

Document Reference: court_doc51_13-cv-00447

Document Details

Legal Case Name SEC v. Bank of America, N.A., Banc of America Mortgage Securities, Inc., and Merrill Lynch, Pierce, Fenner & Smith, Inc. f/k/a Banc of America Securities LLC
Document Name Final Judgment as to Merrill Lynch, Pierce, Fenner & Smith Inc. f/k/a Banc of America Securities LLC
Document Date 25-Nov-2014
Document Format Civil Proceeding
Case Number 13-cv-00447
Federal District Court North Carolina, Western District of North Carolina
Federal District Judge Max O. Cogburn, Jr.
Allegation Type Securities Offering
Document Summary On November 25, 2014, Federal District Judge Max O. Coburn Jr. entered final judgment against Merrill Lynch, Pierce, Fenner & Smith Incorporated pursuant to the consent of Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Disgorgement & Penalty Information

Resolutions
Enjoinment
Monetary Penalties:

Disgorgement

Individual:     Shared:     $109,220,000.00
Shared with: Bank of America, N.A.; Banc of America Mortgage Securities, Inc.

Civil Penalty

Individual:     Shared:     $109,220,000.00
Shared with: Bank of America, N.A.; Banc of America Mortgage Securities, Inc.

Pre-Judgment Interest

Individual:     Shared:     $6,620,000.00
Shared with: Bank of America, N.A.; Banc of America Mortgage Securities, Inc.

Related Documents:

comp-pr2013-148 06-Aug-2013 Complaint
Complaint
On August 7, 2013, the SEC filed a complaint against Merrill Lynch, Pierce, Fenner & Smith, Inc., and other Bank of America Entities. The SEC alleged that the Bank of America Entities misrepresented and omitted certain material facts regarding residential mortgage-backed securities, "backed by more than $855 million of residential mortgages, known as BOAMS 2008-A, that was offered and sold in 2008.... As a result of the misstatements and omissions, the Bank of America Entities violated Sections 17(a)(2) and 17(a)(3) of the Securities Act "
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_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
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."