Did BofA Break the Law?

Did Bank of America break the law by not telling its shareholders about Merrill Lynch’s plan to pay out $3.6 billion in bonuses before the banks merged? The SEC is investigation the matter, with its chairwoman writing that the regulatory body is “carefully reviewing the Bank of America disclosure.” According to the Financial Times, “Federal securities law prohibits institutions from ‘omitting material facts’ in connection to the purchase or sale of securities.”