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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
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: toxic securities abuses
Mega-Scandal: Toxic Securities
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
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.