BofA to face SEC trial, exits loss-sharing deal

Janette Diller-Stone

SEC going to trial against BofA on Merrill bonuses; bank also exits $118B loss guarantee deal

WASHINGTON (AP) — Bank of America Corp. now faces a trial with the Securities and Exchange Commission over billions in bonuses paid at Merrill Lynch, after a judge threw out the bank’s $33 million settlement and rebuked the agency for not pursuing charges against executives.

AP - FILE - In this Jan. 25, 2009 file photo, a Bank of America branch office is shown in ...AP – FILE – In this Jan. 25, 2009 file photo, a Bank of America branch office is shown in …

The news comes as Bank of America executive Anne Finucane prepares to meet Tuesday with Rep. Edolphus Towns, D-N.Y., about BofA’s takeover of the troubled investment bank. BofA missed a Monday deadline to turn over details of the hastily arranged acquisition to a congressional committee.

The SEC had accused BofA of failing to disclose to shareholders that it had authorized Merrill to pay up to $5.8 billion in…

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