WASHINGTON (MNI) – The following is the text of a statement Tuesday
by the Federal Reserve regarding an enforcement action against banking
giant Bank of America:
The Federal Reserve Board on Tuesday announced the execution of a
Written Agreement by and between Bank of America Corporation, Charlotte,
North Carolina, a registered bank holding company, and the Federal
Reserve Bank of Richmond. The agreement addresses issues associated with
anti-competitive activities at Bank of America by certain employees in
conjunction with the sale of certain derivative financial products to
municipalities and other non-profit organizations from 1998 to 2003.
In separate, coordinated actions, the Office of the Comptroller of
the Currency announced the execution of a formal agreement with Bank of
America, N.A., Charlotte, North Carolina, a wholly owned subsidiary of
Bank of America Corporation. Actions were also taken by the Securities
and Exchange Commission, the Internal Revenue Service, and 20 States
Attorneys General. In addition, the Department of Justice announced that
Bank of America has met its obligation under the Antitrust Division’s
Corporate Leniency Program to pay restitution based on anti-competitive
conduct identified by federal and state agencies.
** Market News International Washington Bureau: 202-371-2121 **
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