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Bank of America To Pay $26 Million to Settle Research Case

In a settlement with the U.S. Securities and Exchange Commission, a Bank of America unit agreed to pay $26 million in fines and disgorgement and take other steps to clearly separate its research and investment banking units.

The SEC accused Banc of America Securities LLC of failing to prevent the misuse of material, nonpublic information about the timing and content of its research reports between January 1999 and December 2001. Bank of America did not admit or deny the findings.

"As a result, in at least two instances, (Banc of America) position traders improperly received access to material, nonpublic information concerning forthcoming research reports and established proprietary positions in those securities prior to the release of the research to the firm's customers," the SEC said.

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