WASHINGTON AP – Federal regulators have expanded their charges against Bank of America Corp. over billions in bonuses paid at Merrill Lynch, accusing the bank of failing to disclose mounting losses at Merrill before a shareholder vote approving the combination of the two firms.
The Securities and Exchange Commission announced Monday it had asked a federal judge in Manhattan to allow it to file the new civil charges against the biggest U.S. bank. But the SEC also said it wouldn’t charge any individual Bank of America executives, directors or attorneys because they are not alleged to have “deliberately concealed” information from the bank’s outside attorneys or otherwise acted with intent to mislead.
