The SEC is reviewing whether Bank of America broke the law by not telling shareholders about Merrill Lynch’s plan to pay out $3.6bn in bonuses before they voted for a merger of the two banks. Merrill paid the bonuses in December, days before it was acquired by BofA. BofA has said it was not required to disclose the bonus payments. But Mary Schapiro, SEC chairman, told a Democratic congressman that the SEC was “carefully reviewing” whether BofA should have revealed the bonus plan.

This entry was posted by Gwen Robinson on Tuesday, April 14th, 2009 at 4:14 and is filed under Capital markets, People. Tagged with BofA, merrill lynch, sec. Edit this entry.