Defendant Name:
Bank of America Corporation
Defendant Type:
Public Company
Document Reference:
2014-172
Document Details
Legal Case Name
In the Matter of Bank of America Corporation
Document Name
Bank of America Admits Disclosure Failures to Settle SEC Charges; Bank Also Resolves Separate SEC Case in $245 Million Settlement
Document Date
21-Aug-2014
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
