LAWSUITS NEWS & LEGAL INFORMATION
Bank of America Corp.
Charlotte, NC: (Mar-14-07) A lawsuit filed by the Securities and Exchange Commission against Bank of America Corp.'s securities unit, accused it of failing to safeguard forthcoming analyst reports and issuing fraudulent research. Investigations showed that Bank of America Securities' internal controls worked improperly and that sales people and traders would learn about stock upgrades and downgrades before the firm's analysts made their recommendations public. The SEC claimed that the bank published false or misguiding reports about some of its San Francisco equities trading operations. In a settlement negotiated with the SEC, the bank agreed to pay $26 million into a fund that will benefit its customers.
[CHARLOTTE OBSERVER: BofA FRAUD]
Published on Mar-15-07
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