Disgorgement & Penalty Information
Resolutions
None Specified
The Court stated: "The distribution shall be made in accordance with the following principles: (a) the entire distribution, other than administrative costs, will be made to current and/or former BAC shareholders who were affected by the alleged non-disclosures that are the subjects of the Actions; (b) no distribution will be made to BAC shareholders with respect to any Merrill shares that were exchanged for BAC shares in the merger between BAC and Merrill on January 1, 2009; and (c) no distribution will be made to BAC or Merrill officers or directors and their related parties who had access to the allegedly undisclosed information that is subject of the Actions."
Fair Funds
Plan of Distribution
Monetary Penalties:
Disgorgement
Individual:
$1.00
Shared:
Civil Penalty
Individual:
$75,000,000.00
Shared:
Related Documents:
Complaint
The SEC stated: "The Commission charges Bank of America with making materially false and misleading statements in the joint proxy statement that it filed with Merrill Lynch & Co, Inc. ("Merrill") in connection with Bank of America's $50billion acquisition of Merrill on January 1, 2009."
SEC Charges Bank of America for Failing to Disclose Merrill Lynch Bonus Payments
The SEC stated: "The Securities and Exchange Commission today charged Bank of America Corporation for misleading investors about billions of dollars in bonuses that were being paid to Merrill Lynch & Co. executives at the time of its $50 billion acquisition of the firm."
2009-177
03-Aug-2009
Press Release--Civil Action
SEC Charges Bank of America for Failing to Disclose Merrill Lynch Bonus Payments
The SEC stated: "The Securities and Exchange Commission today charged Bank of America Corporation for misleading investors about billions of dollars in bonuses that were being paid to Merrill Lynch & Co. executives at the time of its acquisition of the firm."
Amended Complaint
The SEC stated: "The Commission charges Bank of America with making materially false and misleading statements, and omitting material information, in the joint proxy statement that it filed with Men-ill Lynch & Co, Inc. ("Men-ill") in connection with Bank of America's $50 billion acquisition of Merrill on January 1, 2009."
Complaint
On January 11, 2010, the SEC filed a second amended complaint against Bank of America Corporation. The SEC charged Bank of America Corporation: "with making materially false and misleading statements, and with omitting material information, in the joint proxy statement that it filed with Merrill Lynch & Co, Inc. ('Merrill') in connection with Bank of America's acquisition of Merrill on January 1, 2009."
SEC Authorizes Charges Against Bank of America for Failure to Disclose Extraordinary Losses at Merrill Lynch Prior to Shareholder Vote to Approve Merger
On January 11, 2010, the SEC issued a litigation release announcing that it "seeks to charge Bank of America with failing to disclose extraordinary financial losses at Merrill Lynch prior to a shareholder vote to approve a merger between the two companies. The SEC has asked the U.S. District Court for the Southern District of New York for permission to amend its pending complaint against Bank of America to include the new charges. The agency earlier charged the bank with misleading investors about billions of dollars in bonuses that were being paid to Merrill executives."
Bank of America Agrees to Pay $150 Million to Settle SEC Charges
On February 4, 2010, the SEC issued a litigation release announcing that Bank of America agreed to pay $150 million to settle two SEC charges.
Final Consent Judgment as to Defendant Bank of America Corporation
On February 24, 2010, Federal District Judge entered final judgment against Bank of America Corporation pursuant to Bank of America Corporation's consent.
