The SEC Announces the Creation of a $150 Million Bank of America Corporation Fair Fund

WASHINGTON, Sept. 1 /PRNewswire-USNewswire/ -- A New York federal judge gave final approval to Bank of America Corporation's Settlement with the U.S. Securities and Exchange Commission. Pursuant to the settlement, Bank of America has paid $150 million into a "fair fund" to be distributed to shareholders. The SEC claimed the company failed to properly disclose employee bonuses and financial losses at Merrill Lynch before shareholders approved the merger of the companies in December 2008.

Who is eligible?

You are included if you had Bank of America common stock ("BAC") as of the close of trading on January 16, 2009. However, any stock that was received as a result of the exchange of shares of Merrill for BAC in connection with the merger is not included.

Contact your broker to see if you had BAC stock on the required date. If you are not sure you are included, you can get more information at http://www.secbacfairfund.com/ or by calling toll-free 1-877-788-4952.

How much will I receive if my claim is eligible?

The fair fund will pay eligible shareholders according to a Plan of Allocation. Your payment will depend on the number of (1) valid claim forms shareholders submit; and (2) eligible shares you held as of January 16, 2009. The Plan of Allocation is available at the website.

What do I need to do to receive a payment?

To qualify for a payment, you must send in a Claim Form. You can get a Claim Form at the website or by calling 1-877-788-4952. Claim Forms must be postmarked by November 12, 2010.

Do I give up any legal rights by submitting a claim?

You will not be giving up any rights to sue Bank of America over any claims involved in this Settlement. You will be bound by all orders and judgments of the Court regarding the Plan of Allocation.

SOURCE Rust Consulting