Bank of America Appears Close to SEC Settlement

Bank of America shares climbed higher on Thursday on the news that the company is nearing a settlement with the Securities and Exchange Commission, according to a report by the Wall Street Journal. Bank of America is in discussions with U.S. regulators about paying $400 million to $450 million. The SEC has been investigating whether the bank had proper controls for some customer accounts and retail brokerage funds. According to the Journal, a settlement could be announced as soon as Thursday.

This article was written by a staff member of TheStreet.