Violation Tracker Individual Record

Company: 
Bank of America
Current Parent Company: 
Bank of America
Penalty: 
$2,430,000,000
Year: 
2012
Date: 
September 28, 2012
Primary Offense: 
investor protection violation
Violation Description: 

In a case brought by the Ohio AG on behalf of two state pension funds and other investors, Bank of America agreed to pay $2.43 billion to settle allegations that it made misstatements about its acquisition of Merrill Lynch that caused substantial harm to shareholders. The Teacher Retirement System of Texas was one of the lead plaintiffs in the case.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Multistate Attorneys General Case
Civil or Criminal Case: 
civil
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.