Rochester,NY 8/26/2009 1:57:38 AM
Bank of America Corporation.,BAC-Managing lawsuits
Bank of America Corporation
Bank of America is performing its part to put the Merrill Lynch bonus issues behind it. The Charlotte, N.C. based bank has paid $150 million to settle a lawsuit brought against it by the SEC. The company has been under heat since late last year due to $3.6 billion in bonuses paid out to Merril Lynch executives after the company was taken over by BAC.
BAC neither admitted or denied any wrongdoing as part of its agreement.
BAC shares have continued to increase in shares, despite the numerous troubles facing the firm. One of the biggest areas hurting the bank is the continued deterioration of credit quality.
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