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VOL. 125 | NO. 171 | Thursday, September 02, 2010

Some BofA Shareholders Can Apply to Tap $150M Fund

DANIEL WAGNER | AP Business Writer

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WASHINGTON (AP) – Investors who lost money when Bank of America Corp. bought Merrill Lynch without disclosing Merrill's problems can start applying to tap a $150 million compensation fund.

A federal judge Wednesday approved a detailed plan for distributing the money. The fund was set up as part of a settlement between the bank and the Securities and Exchange Commission.

The SEC charged that Bank of America withheld details that might have led shareholders to reject the Merrill deal. The bank didn't mention Merrill's plan to award $5.8 billion in bonuses after losing $27.6 billion that year.

Bank of America argued that the information was not important enough to warrant disclosure.

Shareholders as of Jan. 16, 2009, can apply for the money before Nov. 12.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 98 376 10,434
MORTGAGES 124 449 13,881
FORECLOSURE NOTICES 14 56 2,766
BUILDING PERMITS 196 798 23,420
BANKRUPTCIES 68 264 8,803
BUSINESS LICENSES 24 77 3,613
UTILITY CONNECTIONS 251 637 13,380
MARRIAGE LICENSES 21 93 3,117

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