It emerged this week that Bank of America's brokerage, clearing and mutual fund advisory operations have reached a settlement agreement with the Securities and Exchange Commission over improper trading activities.
The SEC, New York attorney general Eliot Spitzer, the Federal Reserve and the Office of the Comptroller of the Currency had accused the Bank of America companies of allowing market timing and late trading activities to take place between July 2000 and July 2003.
Although Bank of America neither admitted nor denied wrongdoing, it did agree to pay $125 million in civil fines and $250 million in restitution to mutual funds affected by the alleged improper trading activities.
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