Board members beware. In addition to racking up a gargantuan $675 million settlement with Bank of America and FleetBoston Financial last week, regulators made it clear boards are fair game, as it ousted eight of the 10 directors of the beleaguered Nations Funds board.

In an agreement with the Securities and Exchange Commission, BoA agreed to pay $375 million -- $250 million of that in disgorgement and $125 million in penalties. Its dance partner, FleetBoston, was slapped with a $70 million fine and agreed to pay an additional $70 million in restitution, for a total of $140 million, for impropriety at two of its Columbia units.

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