The agency's new lawsuit claims Bank of America failed to disclose billions of dollars in losses at Merrill Lynch before the bank's shareholders voted on a merger in December of 2008.
January 13, 2010 at 12:00 AM
1 minute read
The Securities and Exchange Commission filed a new lawsuit Tuesday against Bank of America Corporation, claiming the bank failed to disclose billions of dollars in rising losses at Merrill Lynch & Co., Inc. before shareholders voted on a merger in December of 2008.
The new suit will be heard by U.S. District Court Judge Jed Rakoff in Manhattan, who is also handling an earlier SEC suit accusing the bank of misleading shareholders about billions of dollars in Merrill bonuses.
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