Bank of America

Bank of America/Bank of America Securities/Bank of America Investment Services
Bank of America was founded in 1904. Already one of the world’s largest banks, Bank of America’s recent acquisition of Merrill Lynch for approximately $44 billion makes Bank of America even bigger and stronger. That acquisition is supposed to close in early 2009. Bank of America provides brokerage, investment management, and other investment services through its subsidiaries Bank of America Securities LLC and Banc of America Investment Services, Inc. Through its brokerage and investment management subsidiaries, Bank of America has more than $500 billion in client assets under management.

Bank of America Pays $515 Million for Mutual Fund Late Trading

On the eve of their merger, Bank of America and FleetBoston Financial, paid a total $515 million to settle claims of “late trading” of mutual-funds as part of the largest mutual fund scandal in history. The firms also agreed to reduce the fees investors pay by $160 million over a 5 year period, federal and New York state authorities said. Eight members of the board of directors of Nations Funds, Bank of America’s group of mutual funds, also will be required to resign their positions within a year for their alleged role in allowing the trading violations. “These directors clearly failed to protect the interest of investors,” said New York Attorney General Eliot Spitzer. “They acknowledged the problem of market timing, but then allowed a favored client to engage in that harmful practice. Allegations included that traders at the Bank of America’s securities subsidiary assisted select clients to illegally trade in mutual funds after-hours at stale prices, or “late trading” at the expense of ordinary investors.

Bank of America Ordered to Pay Customer $80,000

An NASD arbitration panel ordered Banc of America Investment Services to pay an investor $80,000 to compensate him for damages that he suffered as a result of Banc of America’s misconduct. Claimant alleged breach of contract, breach of fiduciary duty, fraud, negligent supervision, negligence, and gross negligence relating to a forged margin agreement and unsuitable trades.

If you suffered investment losses, please contact us or communicate with a Dimond Kaplan & Rothstein, P.A. attorney at 888-578-6255 or for a free case evaluation.

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Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236

Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930

New York City Office
Available by Appointment
14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217

West Palm Beach Office
Northbridge Centre
515 N. Flagler Drive, Suite P-300
West Palm Beach, FL 33401
Telephone: 561.475.2887

Detroit Office
41000 Woodward Avenue,
Suite 350 East
Bloomfield Hills, Mi 48304
Telephone: 248.368.0182