SEC Charges Bank of America for Failing to Disclose Merrill Lynch Bonus Payments

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Washington, D.C., Aug. 3, 2009 — 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. Bank of America agreed to settle the SEC's charges and pay a penalty of $33 million.

Press Release: SEC Charges Bank of America for Failing to Disclose Merrill Lynch Bonus Payments; 2009-177; Aug. 3, 2009