Bank of America and Massachusetts regulators reached an agreement yesterday related to the Charlotte, N.C.-based bank's variable annuities sales practices.

According to a report from Dow Jones, clients aged 78 years or older at the time of their variable annuity purchase will be offered the opportunity to exit their plans without penalty. Although the deal applies to customers in Massachusetts that bought the products between 2003 and 2004, BoA will make the offer available to customers nationwide.

Massachusetts Attorney General William Galvin has been targeting banks and brokerage firms in recent months because of allegedly controversial sales practices.

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