The Securities and Exchange Commission is attempting to add charges to its civil suit against Bank of America over failing to disclose extraordinary losses at Merrill Lynch when the bank took over the brokerage firm in a controversial merger, The Wall Street Journal reported Monday.
A bank spokesman said the SEC did not find that any specific individual had intentionally misguided investors. So the new charges, if approved by U.S. District Court Judge Rakoff, will be for negligence instead of fraud, the spokesman said.
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