The Associated Press has details, but there are a few interesting things about this latest development:
- Current Bank of America CEO Brian Moynihan was the general counsel of Bank of America at the time of the alleged disclosure improprieties. Just saying.
- A spokesperson for Bank of America noted that the latest suit involves "no charges against individuals", which he said was good. But all that really means is that the full brunt of the lawsuit will be borne by Bank of America's long-suffering shareholders, since the company -- rather than any individuals -- will be on the hook for any settlement expense. The fact that the victims will be the subjects of any punishment adds an additionally farcical element to this case.
- To date, the SEC has filed two lawsuits against Bank of America alleging egregious violations of securities laws. And yet, no individuals have been charged -- as though these kinds of things just happen but no one is responsible for them, like a drunk driving accident without a drunk driver.