Bank of America Settles SEC Charges for $137 Million

The New York Times reported that Bank of America reached a settlement with the Securities and Exchange Commission to pay $137 million for its role in allegedly rigging bids in the municipal securities market. Robert Khuzami, director of enforcement at the SEC, said that the Banc of America Securities division paid kickbacks in the municipal reinvestment markets. The company will pay $36 million in disgorgement and interest, $25 million to the Internal Revenue Service, $9 million to the comptroller of the currency, and $67 million to 20 state attorneys general. The agency has indicated that other banks will likely also face enforcement actions.