Clearing the Air?(Bank of America)

Securities Industry News | March 29, 2004 | Copyright

Bank of America's tentative agreement with regulators to divest its clearing unit as part of the Securities and Exchange Commission mutual fund probe represents the first example of the regulatory hammer coming down on a back-office provider for assisting illegal or unethical mutual fund trades. It certainly may not be the last.

Indeed, the settlement appears to have longer-term ramifications across the clearing industry. In addition to stipulating the payment of a $125 million penalty and the return of $250 million in allegedly ill-gotten gains, the ...

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