Bank of America to disclose Merrill details

Bank of America Corp. has agreed to share previously undisclosed information related to its purchase of Merrill Lynch with regulators investigating whether the company misled shareholders, the Securities and Exchange Commission said Tuesday.

The agreement would give regulators access to details concerning the bank's failure to disclose what it knew about pending losses at Merrill when it bought the troubled brokerage last year.

The move came after a federal judge last month rejected Bank of America's $33 million settlement with the SEC, which alleged the bank had misled investors about $3.6 billion of bonuses paid to Merrill employees.

Read Full Article from CNNMoney.com

- Posted: 2009-10-13 14:11:30

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