Bank of America may pay more than $250 million in order to settle an investigation into claims that it helped the Canary Capital Partners hedge fund earn many millions of dollars through improper trading in mutual funds.
According to reports in the US media, the bank's chief executive, Kenneth Lewis has fired five executives involved in the improper trading arrangement, and has ring-fenced around $100 million in order to pay fines resulting from the trading abuse investigation.
New York's Attorney General, Eliot Spitzer hinted in February that there was a "significant likelihood" that talks with BofA would result in a settlement. A Bloomberg report published on Friday suggested that a deal may be announced by the end of the month.
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