Bank of America fined $150 mil.
POSTED: Thursday, February 4, 2010 - 2:07pm
UPDATED: Thursday, April 8, 2010 - 4:25am
NEW YORK/ORLANDO, Florida - New York's attorney general charged Bank of America Corp (BAC.N), former Chief Executive Kenneth Lewis and former Chief Financial Officer Joe Price with fraud for allegedly misleading shareholders about the bank's acquisition of Merrill Lynch & Co.
Separately, the U.S. Securities and Exchange Commission said the largest U.S. bank agreed to pay a $150 million civil fine and strengthen disclosure and corporate governance to settle its two lawsuits alleging poor disclosure of Merrill's losses and bonus payouts. The accord requires court approval.