WASHINGTON AP – The Securities and Exchange Commission and Bank of America Corp. on Monday defended the fairness of their proposed $33 million settlement over executive bonuses paid out by Merrill Lynch, and the bank maintained it didn’t mislead investors in the affair.
In a court filing, Bank of America suggested that shareholders should have already known about the $3.6 billion in bonuses given the media attention surrounding its takeover of Merrill after it was first announced last September.
