BofA balks at SEC settlement

Bank of America logoBank of America is balking at suggestions from a federal judge that an outside compensation consultant be appointed as part of BofA’s settlement with the SEC.  The judge has twice rejected as too small settlement proposals in the case involving BofA not disclosing both losses and bonuses when it merged with Merrill Lynch.  Law Professor Elizabeth Nowicki, a veteran of both Wall Street and the SEC, says Bank of America shareholders are not being treated fairly.

“The fact that Bank of America executives continue to publicly balk at suggestions that are intended to protect shareholders indicates that nothing has changed at the top levels of BofA since last year, when its executives ignored the interests of its shareholders regarding the Merrill Lynch investors.”

Contact Elizabeth Nowicki, 617-353-2807, enowicki@bu.edu

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