Bank of America in $42 million settlement over 'masking' electronic trading activities [USA TODAY]
Bank of America Corporation (BAC)
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Source: USA TODAY
CLOSE Stocks plunged on Thursday, sending the Dow Jones industrials down 724 points, as investors fear that trade tensions will spike between the U.S. and China. (March 22) AP File photo taken in 2014 shows the corporate sign in front of a Bank of America branch office in Oakland, California. (Photo: Justin Sullivan, Getty Images) CONNECT TWEET LINKEDIN COMMENT EMAIL MORE Bank of America's Merrill Lynch routinely misled customers by telling them billions of stock trades had been managed in-house when they were actually turned over to outside firms, part of a five-year scheme that New York's attorney general says made the bank's trading services appear more sophisticated than they were. On Friday, the attorney general announced a $42 million settlement with Bank of America over what it called the masking strategy, which was applied to 16 million client trade orders between 2008 and 2013, representing over 4 billion traded
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