BANK OF AMERICA AGREES IN PRINCIPLE

Updated: 10/09/2008 16:17
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The Securities and Exchange Commissions Division of Enforcement today announced a preliminary settlement in principle with Banc of America Securities

The Securities and Exchange Commissions Division of Enforcement today announced a preliminary settlement in principle with Banc of America Securities LLC and Banc of America Investment Services, Inc. (collectively, Bank of America) that would provide 5,500 individual investors, small businesses, and small charities the opportunity to sell back to Bank of America up to $4.7 billion in auction rate securities (ARS) they purchased before the ARS market collapsed in February 2008.


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