BofA, SEC In $675M Settlement

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Bank of America Corp. finalized a $675-million settlement over charges related to improper trading, according to The American Banker.

The SEC also accused two former officials of a BofA investment unit. Three others reached settlements with regulators over the charges, The American Banker said.

Bank of America and Fleet Boston Financial Corp. each had reached preliminary settlements in March that totaled $515 million in penalties and $160 million in fee reductions, The American Banker said.

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