Judge backs Bank of America’s Merrill Lynch deal fine

BBC News

A judge has conditionally approved Bank of America’s $150m settlement with the US financial watchdog linked to its purchase of Merrill Lynch.

The Securities and Exchange Commission (SEC) agreed the fine with BoA over civil charges it misled shareholders about Merrill’s financial position.

The federal court’s approval means a trial will now not happen.

The settlement is almost five times more than a $33m proposal which the judge rejected in September.

Read More: http://news.bbc.co.uk/2/hi/business/8528997.stm

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