Bank of America, the nation's third-largest bank, was slapped with a record $10 million fine last week for failing to comply with regulators' repeated requests for information during their probe of improper trading practices.

The Securities and Exchange Commission said it levied the fine against the Charlotte, N.C.-based bank amid its investigation to send a message to the rest of the financial services industry that it must produce e-mails and other documents in a timely fashion. The move marks the largest financial settlement for a failure to furnish documents on request. The firm has also agreed to be censured as part of the agreement.

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