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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 This material may not be published, broadcast, rewritten or redistributed.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 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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