BofA to SEC: We didn’t mislead anyone about Merrill bonuses
Bank of America executives shot back at the Securities and Exchange Commission today and denied that it deceived investors about bonuses that were paid to top executives at Merrill Lynch & Co.—which BofA bought in January—according to a report in Bloomberg.
Bank of America executives shot back at the Securities and Exchange Commission today and denied that it deceived investors about bonuses that were paid to top executives at Merrill Lynch & Co.—which BofA bought in January—according to a report in Bloomberg.
BofA formally filed its response to a lawsuit the SEC filed against the bank last month. “The complaint fails because the proxy statement did not contain any statements that were false or misleading,” BofA stated in its response, according to Bloomberg. “The complaint fails because the proxy statement did not omit to state material facts.”
BofA had reached a settlement with the SEC for $33 million, but a federal judge rejected that settlement last week. A trial is expected early next year, according to Bloomberg.
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