BofA Gets Sued, Settles

That sure was quick. This morning, the SEC filed suit against Bank of America, accusing it of lying to investors when it announced that newly-acquired Merrill Lynch wouldn't pay out any year-end bonuses. (In fact, Bank of America had already signed off on $5.7 billion in Merrill payouts.) Now the bank has settled the charges—"without admitting or denying the allegations," of course—for a modest $33 million. [NYT]