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The Securities and Exchange Commission won a $150 million settlement from Bank of America in 2009 to resolve charges the company misled shareholders about the acquisition. The SEC said Bank of America failed to tell shareholders it had authorized Merrill to pay as much as $5.8 billion in bonuses to its employees in 2008 before shareholders voted on the acquisition. The deal closed in early 2009. Bank of America still faces a civil fraud lawsuit that accuses the company and former CEO Kenneth Lewis of failing to disclose the Merrill losses and bonuses before the acquisition closed. The lawsuit was filed by then- New York Attorney General Andrew Cuomo in February 2010, and it is being pursued by AG Eric Schneiderman. The company says those charges are unfounded.
Associated Press writer Larry Neumeister contributed to this report from New York.
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