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BUSINESS
October 30, 2002 | From Bloomberg News
Enron Corp. on Tuesday sued Bank of America Corp., claiming the bank unlawfully took more than $123 million from its bank account as the energy company spiraled into insolvency. Last November, days before Enron's bankruptcy filing, Bank of America "effected a series of unauthorized withdrawals from an Enron bank account which deprived Enron and its creditors of essential operating funds," the lawsuit said.
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BUSINESS
November 29, 2006 | From Reuters
Bank of America Corp. on Tuesday surpassed Citigroup Inc. to become the world's largest bank by market value. Based on reported shares outstanding, Bank of America's market capitalization totaled $243.71 billion as of Tuesday's close, while Citigroup's totaled $243.52 billion, Reuters data show. Shares of Bank of America closed up 35 cents at $54.27, while Citigroup fell 33 cents to $49.56. New York-based Citigroup remains the largest U.S. bank by assets, with $1.75 trillion as of Sept.
BUSINESS
June 18, 2003 | From Bloomberg News
Bank of America Corp. has agreed to let clients of its Mexican partner Grupo Financiero Santander Serfin use automated teller machines for free to help gain more clients in the U.S. Latino community. Customers of Santander Serfin, in which Bank of America bought a 24.9% stake for $1.6 billion in March, will be able to use the Charlotte, N.C.-based bank's ATMs without charge to withdraw money and check their accounts. BofA customers will have the same privilege at Serfin's ATMs in Mexico.
BUSINESS
April 6, 2004 | From Reuters
Bank of America Corp., the nation's No. 2 bank, said Monday that it planned to cut 12,500 jobs over the next two years as a result of its $48-billion purchase of FleetBoston Financial Corp. The cuts amount to about 7% of the combined banks' workforce of more than 180,000. Bank of America said about 30% of the cuts would be through attrition.
BUSINESS
April 23, 2007 | From Bloomberg News
Bank of America Corp. agreed to buy Dutch bank ABN Amro Holding's U.S. unit, LaSalle Bank Corp., for about $21 billion, making it the largest bank in Chicago, a person with direct knowledge of the situation said. The purchase would fill one of the few remaining holes in Bank of America's sprawling branch network, the nation's most extensive.
BUSINESS
November 10, 2004 | From Bloomberg News
Bank of America Corp. said Tuesday that the Internal Revenue Service was auditing the company's 1998 and 1999 tax return information related to employee retirement plans. The audit focuses on whether voluntary employee transfers of 401(k) assets into the Bank of America pension plan were legal, the Charlotte, N.C.-based bank said in its quarterly filing with the Securities and Exchange Commission.
BUSINESS
July 31, 2001 | Times Wire Services
Bank of America Corp. settled allegations by the Securities and Exchange Commission that the bank improperly accounted for a business relationship that led to a $372-million write-off in 1998. The commission alleged that the company treated an equity investment in the New York hedge fund, D.E. Shaw & Co., as a loan and failed to adequately inform investors of the risks involved in the bank's business alliance with D.E. Shaw.
BUSINESS
November 14, 2006 | From Bloomberg News
Bank of America Corp., the nation's second-biggest bank, has expanded a program offering free online stock trades to include customers outside the northeastern U.S. In October, Bank of America began offering 30 free trades a month to customers in Northeastern cities, including New York and Boston, who keep at least $25,000 in their combined accounts with the bank. Now the offer has been extended to customers from Maryland to Florida, the Charlotte, N.C.-based company said Monday.
BUSINESS
September 17, 1992 | From Associated Press
A judge on Wednesday tentatively dismissed a price-fixing suit that accused Bank of America of conspiring with other banks to overcharge credit card customers by hundreds of millions of dollars. The suit, which sought as much as $2 billion in damages, alleged a secret agreement among California's largest banks in 1966 not to reduce credit card interest rates below Bank of America's level, then 18%.
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