Banc of America Securities, the securities and asset management unit of
The firm has received a Wells notice from regulators claiming the firm violated books and record-retention laws, Reuters reports. The complaint alleges that BofA improperly stored documents relating to an inquiry and failed to produce documents quickly enough during a late 2001 look into trading practices at the firm.
BofA said that it does not believe an action is warranted, but it is cooperating with regulators. The firm did not disclose specifics of the investigation.
