The Securities and Exchange Commission has filed an amended complaint in the Bank of America case, and two things caught our attention. First, the new complaint doesn't include any additional defendants. Second, the SEC now asserts for the first time that Bank of America should have disclosed to shareholders the secret disclosure schedule that contained details about the $5.8 billion allotted for Merrill Lynch bonuses, and that it failed to release a list that properly identified the contents of any omitted schedules.
SEC's Amended BofA Complaint: New Claims, but No New Defendants
The American Lawyer
October 23, 2009