BUSINESS
05/14/2009 05:12 am ET Updated May 25, 2011

SEC To Review Whether BofA Broke The Law On Merrill Bonuses

The Securities and Exchange Commission is reviewing whether Bank of America broke the law by not telling shareholders about Merrill Lynch's plan to pay out $3.6bn in bonuses before they voted for a government-backed merger of the two banks.

Merrill paid the bonuses in December, days before it was acquired by BofA and a month before bonuses were normally dispensed.

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