Monday, August 03, 2009

BofA's quick n' easy settlement w/ SEC

Bank of America has paid a $33 million fine in a quick n' easy lawsuit settlement with the SEC.

The agency had accused BofA of misleading investors on the issue of bonus payments paid out to employees of Merrill Lynch, the firm acquired by BofA in January 2009. BofA did not admit to or deny the SEC's charges of making "materially false and misleading" claims to investors on bonus payments at Merrill.

ZeroHedge and Aiki14 had a few things to say about the news and its effect on the day's trading. You can head on over to read their posts (be sure to flip through the comments section at ZeroHedge), as well as the Bloomberg news stories included here, for more detail and color commentary.

Related articles and posts:

1. Bank of America fined $33 million by SEC - Bloomberg.

2.
Paulson's gift to Lewis delivered at gunpoint - Bloomberg.