» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 125 | NO. 171 | Thursday, September 02, 2010

Some BofA Shareholders Can Apply to Tap $150M Fund

DANIEL WAGNER | AP Business Writer

Print | Front Page | Email this story | Comments ()

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 This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 311 15,028
MORTGAGES 83 338 19,668
FORECLOSURE NOTICES 0 43 3,838
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 65 247 14,281
BUSINESS LICENSES 16 120 5,111
UTILITY CONNECTIONS 70 316 21,749
MARRIAGE LICENSES 18 93 4,650

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.