SEC looks into BofA's lack of disclosure before Merrill acquisition

04/14/2009 | Financial Times (free content)

Bank of America knew Merrill Lynch planned to pay its executives $3.6 billion in bonuses, but did not disclose the plan to its shareholders before they voted on the merger of the banks. The Securities and Exchange Commission is looking into whether the lack of disclosure violated any laws, but the bank says it was not required to inform its shareholders of the bonus plan.

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