SEC Calls Out BofA on False Claims

The Securities and Exchange Commission has accused Bank of America of lying to investors over its acquisition of Merrill Lynch, the New York Times reports. In November, Bank of America told investors that Merrill Lynch had agreed to not pay year-end performance bonuses and other incentive-based compensation without Bank of America's consent—but later agreed to let Merrill Lynch pay up to $5.8 billion in bonuses. While neither confirming nor denying the allegations, Bank of America has agreed to pay the penalty fee of $33 million. The settlement "represents a constructive conclusion to this issue," Bank of America said in a statement.