Economy

August 3, 2009 2:54 PM

BofA to pay $33 million to settle with SEC over Merrill bonuses

The payment would settle allegations that Bank of America misled investors about bonuses paid to Merrill Lynch & Co., executives. The SEC alleged that the bank's proxy materials on the Merrill Lynch deal said the bonuses wouldn't be paid in the bank didn't approve, but failed to mention that the bank had already ok'd the payments.

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