Bank of America Sued by SEC

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 12, 2010 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
Bank of America
Case Name: 
Bank of America SEC Action 01/24/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NYSE: BAC
Lawsuit Overview
Type of Lawsuit: 
SEC Action
Date Filed: 
01/01/2009
Class Period Begin: 
12/31/2008
Class Period End: 
01/16/2009
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
02/22/2010
Settlement Amount: 
$150,000,000
Deadline to Participate in Settlement: 
11/12/2010
Settlement Notice: 
application/pdf iconbac_sec_2010_notice.pdf
Settlement Proof: 
application/pdf iconbac_sec_2010_proof.pdf
Summary: 

In a ruling that freed Bank of America from some legal problems, a federal judge approved a $150 million settlement with the Securities and Exchange Commission.

The settlement stems from the bank’s merger with Merrill Lynch. In the months before the deal closed, Bank of America did not tell its shareholders about Merrill’s bonus payouts or the losses that led to a second government bailout of $20 billion.

BAC paid approximately $150 million into a Fair Fund that will be distributed to investors injured by the alleged misconduct.

According to the settlement "Notice", "This is the only way to be considered for payment. If you submit a claim you will also keep your right to sue Bank of America." If you choose to "Do Nothing", "You will not be considered for payment, and you will keep your right to sue Bank of America."