Summary
This 8-K filing from Bank of America Corporation (BAC) on February 10, 2005, details the final settlements reached by the company and several of its subsidiaries with various governmental authorities, including the Securities and Exchange Commission (SEC) and the New York Attorney General's Office (NYAG). These settlements resolve matters concerning past mutual fund trading practices. Key subsidiaries involved include Banc of America Capital Management, LLC (BACAP), BACAP Distributors, LLC, Banc of America Securities, LLC (BAS), Columbia Management Advisors, Inc. (Columbia Advisors), and Columbia Funds Distributor, Inc. (Columbia Distributors). The report also indicates that Bank of America, N.A. entered into a written agreement with the Office of the Comptroller of the Currency, and Bank of America Corporation entered into a written agreement with the Federal Reserve Bank of Richmond. These agreements are related to the resolution of the aforementioned trading practices. Investors should note that these settlements finalize issues previously announced in principle in March 2004.
Key Highlights
- 1Bank of America Corporation and its subsidiaries have reached final settlements with the SEC and NYAG regarding past mutual fund trading practices.
- 2Subsidiaries specifically named in the settlements include BACAP, BACAP Distributors, BAS, Columbia Advisors, and Columbia Distributors.
- 3These final settlements pertain to issues that were previously announced in principle on March 15, 2004.
- 4Bank of America, N.A. has entered into a written agreement with the Office of the Comptroller of the Currency.
- 5Bank of America Corporation has entered into a written agreement with the Federal Reserve Bank of Richmond.
- 6The filing includes exhibits of the settlement agreements with the NYAG and written agreements with the OCC and the Federal Reserve Bank of Richmond.